Debt restructuring in the Official Journal (What debts does it cover, when is the deadline?)

Tax penalties, insurance premiums, KYK debt restructuringThe related law was published in the Official Gazette and entered into force.

According to the law, those who want to restructure their debts until August 31 contact the public institutions concerned. Structured debt cash or 18 installmentscan be paid with.

Payments will start September 30, 2021.

EXCLUSION OF PUNISHMENT AGAINST THE CORONA VIRUS

Administrative fines imposed by regulatory and supervisory institutions, administrative fines imposed in the context of the fight against Covid-19 and administrative fines resulting from the use of tobacco and tobacco products will be excluded.

WHAT DOES IT COVER?

In accordance with the law, restructure the debts of citizens to public institutions, increase the predictability of taxation thanks to the tax base and the increase in tax and eliminate possible risks linked to past tax periods, adapt files in order to encourage the transition to the formal economy, it will be guaranteed that real estate and other economic assets subject to depreciation will be reassessed, and negative records regarding past payment performance will not be taken into account whether people who do not pay their bad checks, protested against promissory notes, credit cards and other loan debts meet their obligations on time.

Some debts will be restructured at the Ministry of Treasury and Finance, the Ministry of Commerce, the Social Security Institution, special provincial administrations, municipalities and the Presidency for monitoring and coordinating investments until April 30, 2021.

WASTE WATER CHARGES ARE ALSO INCLUDED

Royalty claims resulting from certain services provided by municipalities with water, wastewater and solid waste, certain shares they receive; The solid waste charges of metropolitan municipalities and the water and wastewater charges of the water and sanitation authorities will be part of the restructuring.

AUTHORIZATION OF SCIENTIFIC EXAMINATION IN THE PAYMENT-BY-INSTALLMENT PROCESS

For each vehicle, a technical control permit will be issued upon payment of the deposit, provided that at least 10% of the motor vehicle tax, administrative fines and toll charges are paid.

Certain claims of the Turkish Confederation of Traders and Craftsmen, the Union of Turkish Bars, the Union of Chambers of Turkish Engineers and Architects, the Turkish Medical Association, the Association of Turkish Dentists and the Association Turkish veterinarians can be restructured.

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THOSE WHO STUDY ABROAD CAN ALSO BENEFIT

Under the law on requests to send abroad, it will be possible to restructure the debts of those studying abroad.

PAYMENTS UP TO 5 YEARS

The calculated debt can be paid in installments up to a maximum of 5 years, taking into account the situation of the person concerned and the amount to be paid.

Tax adjustments made ex officio or by the administration and customs duties, which are not finalized or are in the legal phase, will be structured at different rates.

If the sums to be restructured are not paid on time and in accordance with the terms and conditions provided for by law, the due date will not be changed.

Failed checks, protested promissory notes from natural and legal persons, natural persons carrying out commercial and non-commercial activities and credit customers whose principal payment date or down payments is prior to May 20, 2021 and who do not pay the principal, interest or ancillary payments on their loans in cash and other than in cash. The records of credit cards and other credit debts kept at the Risk Center of the Association of Banks of Turkey will not be taken into account by credit institutions and financial institutions in financial transactions with these persons, the part due. of said debts is fully paid or restructured as of December 31, 2021.

With the law, if taxpayers increase their income and corporate tax bases and pay in the specified time and manner, an annual review of income and corporation tax for the years in which they increase and no further assessment will be made for these types of taxes for those years.

The taxes calculated on the base and the increase will be paid in a maximum of 6 equal installments per period of two months.

FOUR DIFFERENT PAYMENT OPTIONS

If the debt to be restructured is desired for installment payment, borrowers will choose one of the 6, 9, 12, or 18 equal installment payment options when requested. Payments cannot be made beyond the preferred payout period.

If general health insurance policyholders who have never taken the income test take the income test until November 30, 2021, their registrations will be updated according to the income status to be determined.

Real estate on corporate balance sheets and other economic assets subject to depreciation will be revalued and these assets will be included on the balance sheets with their current values.

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