Debt Restructuring Published in the Official Gazette

The Law on the Restructuring of Certain Receivables and Amendments to Certain Laws, adopted by the General Assembly of the Grand National Assembly of Türkiye (TBMM), entered into force upon publication in the Official Gazette dated 09 June 2021. Tax, fee and SGK premium debts and penalties finalised as of 30 April 2021 will be restructured. Those who benefited from the last restructuring but were unable to pay their debt on time will also be able to benefit from the restructuring.

Applications must be made by 31 August…

Under the Law, those wishing to restructure their debts will apply to the relevant public institutions by 31 August. Restructured debts may be paid in advance or in 18 instalments. Payments will begin on 30 September 2021.

The record amnesty long demanded by the business world…

The record amnesty long demanded particularly by tradespeople is also coming. If those who were unable to pay bounced cheques, protested promissory notes, credit card and other loan debts on time fulfil their obligations, the negative records relating to their past payment performance will not be taken into account.

Debts before 30 April 2021 will be restructured…

According to the adopted articles, arrangements were introduced for taxes, tax penalties, late payment interest and late payment penalties of returns required to be submitted for declaration-based taxes on and before 30/04/2021; taxes, tax penalties, late payment interest and late payment penalties accrued for 2021 until 30/04/2021; administrative fines; administrative fines imposed under the Prevention and Control of the Harms of Tobacco Products; public receivables; insurance premiums, retirement contributions and unemployment insurance premiums accrued by the SGK but unpaid, and the related late payment penalties; and public receivables of Municipalities.

With the published law, certain debts up to 30 April 2021 owed to the Ministry of Treasury and Finance, the Ministry of Trade, the Social Security Institution, special provincial administrations, municipalities and the Presidency of Investment Monitoring and Coordination will be restructured.