What debts does the tax debt restructuring cover? Will the tax debt below 2 thousand TL be settled?

Details about the tax debt restructuring expected by millions of debtors were announced by the Minister of Finance Nureddin Nebati, who spoke at the İzmir Meeting with the Business World. Minister Nabati announced that the restructured debts may be paid in 48 installments and that if the debt is an administrative fine, a discount of 25 percent of the original account receivable will be made.

WHAT ACCOUNTS PAYABLE DOES THE BUILDING TAX COVER?

The debts that are expected to be covered with the preparation, the content of which has not yet been revealed, are as follows;

Debts with municipalities, electricity, water, and student loan debts will be within the scope of the restructuring.

-Tax debts and SGK

-Traffic fines

-Fines to the population

-Military punishments

– Fines for illegal pass

-Customs fines

-Judicial fines

-KYK debts

-Battle Increase

-Cash and stock amnesty

-Water debts

The Minister of Treasury and Finance Nureddin Nebati spoke about the details of the restructuring package at the İzmir Meeting with the Business World program.

“Taking into account the needs and demands of our people and our economy, the preparation of the Bill of Lading has been completed, also indicated by our President, in order to alleviate the obligations with the public and to be paid in long-term installments. . Hopefully, we hope that it will be placed on the agenda of our Parliament as soon as possible” and he conveyed the details as follows;

-The law will include both the structuring provisions and the provisions of the various novelties in the tax legislation.

-With the provisions regarding structuring, we carry out procedures regarding the restructuring of public credits that must be paid to the Treasury, Customs Directorates, Social Security Institute, Municipalities and Metropolitan Municipalities, Special Provincial Administrations and Investment Monitoring and Coordination Departments .

THE PENALTY FOR NON-PAID DEBT WILL BE ELIMINATED

-With the proposal, we bring many institutions and public bodies, especially tax and premium debts, closer to paying unpaid debts on time by eliminating sanctions.

-I should also point out that we include administrative fines, including judicial fines, which have not been contemplated in other restructuring laws up to now, within the scope of the structuring.

-Of course, we update your interest rates with a low rate, making it easier to pay.

IN THE FIELD OF ALL TYPES OF DEBT STRUCTURES

In this restructuring law, no matter what kind of debt needs to be paid to the tax office, it will be restructured. We have an exception and they are the temporary taxes to be paid for the year 2022. If they are not paid at the time of filing the return, we have not been included in the coverage because they are abandoned.

-In addition, we provide the opportunity to pay by ending disputes in the defendant’s tax and premium files.

– In the offer we also include the rules that allow the increase of the tax base and the correction of the commercial records. For the years 2018 to 2021, our businesses will not be subject to tax inspection and settlement by increasing the tax base and income, corporate, VAT and income withholding taxes.

– Let me say the following in advance; If they pay the tax on the increased tax bases in advance, then the tax will be reduced by 10 percent.

PAYMENT TERMS IN INSTALLMENTS ARE EXTENDED TO 4 YEARS

-An important novelty in this offer is that we have extended the installment payment terms to 4 years. Thus, our citizens will be able to pay their debts structured in 48 installments in monthly installments over 4 years. We have kept the long payment term, but we also bring advantages for those who want to pay in a shorter time.

– If structured debts are prepaid, we waive 90 percent of the Home PPI amount, which we’ve already calculated using small rates. If the restructured debt is an administrative penalty, we also provide a discount of 25 percent of the original account receivable.

We have already prepared the environment to liquidate the debts of our citizens who have an executive debt that does not exceed 2 thousand liras. Now, we erase the debts of our citizens, who have debts of any kind, such as taxes, fines, interest, that do not exceed 2 thousand liras.

DEBTS LESS THAN 2 THOUSAND LIRA WILL BE ELIMINATED

– If the sum of a person’s debts to be paid before December 31, 2022 does not exceed 2 thousand lira, we cancel the debts and waive our receivables without seeking any conditions, for once within the scope of this regulation .

-Then, because of these debts, our tax offices will not follow up, and our citizens will not be subject to follow up.

-We increased the amount of the young entrepreneur exemption in the Income Tax Law. According to the current regulation, within the scope of the exemption, 75 thousand lira of income tax payers who start their business for the first time in three accounting periods are exempt from income tax.

-We increased the amount in question to 150 thousand liras by 2023 and ensured that the income tax rate is increased in parallel with the amount of the second tranche each year. Thus, as the revaluation rate of the tranches increases in the following years, this exception will increase with it.