“Scope of Debt Restructuring Package 2023: Which Debts are Affected?”

Turkey’s debt restructuring package is gaining attention from those looking to restructure their debts. President Erdogan has announced the details of the package that will include taxes and social security debts incurred until December 31, 2022. Debts will be divided into long-term, and debtors will be allowed to pay comfortably. The application period for restructuring taxes, premiums, and other debts to the public has been extended from April to May. The package also includes all tax penalties, traffic, military service, population, bridge, highway illegal toll fines, and judicial fines, administrative fines, student loan debts, and support premium debts. Most of the interest on principal debts is expected to be deleted, and debts with low amounts may be completely written off. The right to pay in equal installments will be granted. President Erdogan also announced that penalty points due to alcohol, drugs, accidents, and violations will be deleted. Approximately 2.5 million drivers and 10,000 licenses could benefit from this regulation. The details of the restructuring package will be announced by the Ministry of Treasury and Finance.

 

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