Turkey Extends Deadline for Public Debt Restructuring, Providing Relief to Individuals and Businesses

Turkey Extends Deadline for Public Debt Restructuring, Providing Relief to Individuals and Businesses

The application period for restructuring public debts has been extended until June 30.

This means that individuals and businesses seeking to restructure their debts will have another month to submit their applications.

Furthermore, the deadline for making the first installment payment has also been extended by one month.

Since implementing the restructuring law on March 13, many individuals and businesses have taken advantage of the opportunity to restructure their debts owed to the government.

To provide further support, it has been announced that the President will utilize his authority to grant this extension.

The current proposal aims to extend the application period until the end of June, giving individuals and businesses more time to benefit from the debt restructuring program.

To date, 3,279,000 taxpayers have restructured their debts, 180 billion TL.

Under the restructuring law, individuals and businesses can pay their restructured debts in lump sums or installments.

However, it is important to note that all cash payments and the first installment must be made by June 30.

The scope of the debt restructuring program covers a wide range of payable debts.

This includes taxes, premiums, traffic fines, military service fees, population registry fines, illegal tolls on bridges and highways, judicial fines, student loan debts, and support premium debts not previously included in the restructuring program.

Additionally, municipal debts, such as property taxes, water bills, dues of chambers and commodity exchanges, and union fees, can be restructured.

By extending the application period and installment payment deadline, the government aims to provide relief and flexibility to individuals and businesses struggling with debts.

This initiative seeks to alleviate financial burdens and offer a viable solution for debt repayment.

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