Local Turkey

The opportunity to restructure tax debts has started

In the statement made on the website of the Revenue Administration (RA), it was reminded that the “Law on Restructuring Certain Receivables and Amending Certain Laws” was published in the Official Gazette and entered into force. In the statement, the following information was shared regarding the prominent regulations in the law:

‘’ Updating the Domestic Producer Price Index (D-PPI) rate instead of delay increases and interest due to unpaid taxes and other debts to the tax office, deletion of the original tax penalties (tax loss penalty), deletion of 50 percent of non-original tax and special irregularity penalties, updating the D-PPI rate instead of the interests due to motor vehicle tax debt, updating the D-PPI rate instead of delay increases due to education or contribution loan debts, a 90 percent discount from the amount calculated at the D-PPI rate in cash payments, a 25 percent reduction in originals if traffic fines and other administrative fines are paid in advance are the new regulations with the new law.’’

In the statement, it is also pointed out that in the case of an instalment payment option, there will be conveniences provided that the first instalment is paid on time and the remaining instalments are paid in full within the second instalment payment period.

An additional 50 percent discount from the amount calculated at the D-PPI rate, 12.5 percent reduction in traffic fines and other administrative fines, the payment of structured amounts in cash or in 6, 9, 12, 18 equal instalments in 2-month periods, the payment of structured debts by debit cards and credit cards of contracted banks, deletion of debts of ₺100 or less whose maturity is before 2014, restructuring ongoing debts within the scope of Law No. 7143, restructuring of debts suspended under Law No. 6183 facilities were also provided.

It was emphasized in the statement that an application should be made until December 31, 2020 in order to benefit from the said opportunities. It was also underlined that if some domestic and foreign assets (money, gold, foreign exchange, securities and other capital market instruments and immovables) are brought into the national economy until June 30,  2021, no tax will be collected and no tax investigation will be carried out.

source: AA / translated by Melisa Karayusufoglu

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