Draft law on new tax restructuring wave submitted to Turkish Parliament

ANKARA

A draft law that will pass a new wave of tax and premium debt restructuring was submitted to the Turkish Parliament on April 19. 

“The Draft Law on Restructuring Some Receivables” will stipulate the debt restructuring until the date of May 31, Reuters reported. 

The draft is composed of six articles in total. 

Finance Minister Naci Ağbal told Reuters on April 18 that through the new plan around 70 billion Turkish Liras ($19 billion) in unpaid tax and premium debts are expected to be restructured. 

A minimum of 4 billion liras in revenue is expected to be transferred to the budget, Ağbal added. 

The ministry has also been working on a new law that will create no need for a further restructuring. 

The new structuring plan will offer installment opportunities of up to 36 months as well as cash payments, he had earlier told state-run Anadolu Agency.  

“We will make temporary tax reductions until September. Then we will end this implementation,” added Ağbal.