Public debt restructuring law published
The General Communiqué of the Ministry of Treasury and Finance, “Law No. 7440 on Restructuring of Certain Credits”, was published in the Official Gazette, which provides the opportunity to restructure the debts of citizens with the public.
Consequently, the payment of the debt calculated by updating the D-PPI index (National Producer Price Index) instead of all unpaid taxes and other debts with the Tax Agency, as well as the late payment charge and related interest with them, the elimination of all sanctions related to the tax base (tax loss sanction), and return to the original tax, elimination of 50 percent of unrelated irregularities and sanctions for special irregularities, dispute settlement (such as determinations penalties, tax sanctions, administrative fines) through friendly means, structuring of credits whose tax inspection and appraisal procedures are in progress, tax base for the period 2018-2022 and opportunities for tax inspection and non-assessment for taxpayers who increase the tax and meet the conditions.
90 PERCENT DISCOUNT ON CASH PAYMENTS
Payment of the amounts configured in cash or in monthly installments up to a maximum of 48 months, 90 percent discount on the amount calculated in the D-PPI ratio in advance payments, 25 percent discount on the original fines, tax base or Tax increase in case of advance payment of traffic fines and other administrative fines Payment of taxes calculated on income in a maximum of 12 equal installments in cash or monthly periods, if all the taxes accrued as a result of the tax base or tax increase within the payment period of the first installment, a 10% discount is made on these taxes, comforts such as adjusting unreported income and earnings to the real situation without penalty and interest, and being able to pay them at terms without penalty and interest, with regret or making a self-declaration.
In addition, within the scope of the regulation made in the Higher Education Loan and Dormitory Services Act, accounts receivable such as late payment, D-PPI amount, coefficient amount will not be calculated for the originals of the credits. of education and contribution loans between their due dates. and on November 9, 2022, and these accounts receivable will be cancelled, the remaining debt will be restructured.
APPLICATIONS UNTIL MAY 31
Taxpayers can make their applications until May 31, 2023 (including this date) through the Internet address of the Revenue Administration (www.gib.gov.tr) or e-Devlet (www.turkiye.gov. tr), or directly or to the tax office to which they are affiliated, it can also be done by mail or other tax offices.
Debts restructured under the law can be paid in equal monthly installments in 12, 18, 24, 36 or 48 months.
If installment payment is preferred, an additional coefficient will be applied to the amounts structured according to the number of installments selected. The coefficients have been determined to correspond to 9 percent per year.
In case of cash payment, a discount of 90 percent will be made on the calculated amount of D-PPI and the coefficient will not be paid.
YOU CANNOT BENEFIT IF MORE THAN 3 INSTALLMENTS ARE PAID
If the administrative fines are paid in advance, a discount of 25% of the amount of the sanction will be made.
Citizens who want to pay their restructured debts in installments must pay the first two installments in full in order to benefit from the Law.
As long as the first two installments are paid on time, failure to pay 3 installments in a calendar year will not be considered a violation.
These unpaid installments may be paid with a 2.5 percent monthly arrears increase for that day, until the end of the month following the last installment, depending on the plan they have chosen.
However, if more than 3 installments are not paid in a calendar year, the right to benefit from the Law will be lost.
In addition to the restructuring rules, accounts receivable whose collection was canceled by law were also regulated.
It was provided that the debts of citizens who owe to the tax offices, taxes, fines, interest, regardless of what kind, do not exceed 2 thousand lira.
If the sum of the debts of a person to be paid to all tax offices before December 31, 2022 does not exceed 2 thousand lira, within the scope of this regulation, the debts will be eliminated and the receivables will be waived, for once, without any conditions.
No application is required for cancellation. The Revenue Administration will determine the accounts receivable to be canceled from the center and will complete the transactions. (AA)