Decision on default interest for public credits

The “Presidential Decision on the Redetermination of the Late Surcharge Rate Applied to Public Credits” was published in the Official Gazette.

According to the decision, the late payment interest rate included in Law No. 6183 on Public Credit Collection Procedure was determined at 3.5 percent to be applied separately for each month.

GENERAL COLLECTION COMMUNICATION ALSO CAME INTO EFFECT

On the other hand, the General Collection Announcement of the Revenue Administration of the Ministry of Treasury and Finance came into force after being published in the Official Gazette. Accordingly, the deferred interest rate applied to public receivables, which is 24 percent per annum, has been set at 36 percent as of today.

The old deferral interest rate will apply to public loans that will be deferred based on requests made before today, and to public loans that were deferred before the date of publication of the notification and are being paid in accordance with the conditions of the deferral, provided that they are paid in accordance with the deferral conditions, from the date of request.

Similarly, if the deferral is violated for public accounts receivable for which a deferral request was made before today and the request was accepted and postponed, but a new deferral is made upon new requests (the deferral is considered valid ), the old deferral interest rate will be A deferral interest of 36 percent will be applied to installment amounts due after today.