Legal AlertLaw On Restructiring Some Receivables and Amending Some Laws And Relevant Communiqués Is Published.

14 December 2020

The Law on Restructuring Some Receivables and Amending Some Laws (“Law”) dated 11.11.2020 and numbered 7256,  published in the Official Gazette dated 17.11.2020 and numbered 31307. Subsequently, the Communiqué on the Restructuring of Customs Duty under Law No. 7256 (“Customs Communiqué”) and the General Communiqué of Law No. 7256 on Restructuring of Certain Receivables (“General Communiqué”) were published in the Official Gazette dated 27.11.2020 and numbered 31317. The law regulates restructuring some taxes, premiums and other debts in order to alleviate payment difficulties created by the COVID-19 pandemic process that has affected the whole world. In addition, it contains important regulations regarding employment. The General Communiqué regulates the implementation procedures and principles of the regulations on the restructuring of the finalized public receivables made by the Law. The Customs Communiqué sets out the procedures and principles regarding the restructuring and collection of Customs Duty under the Law. According to the law, borrowers who want to benefit from the right to restructure must apply to the relevant administration until 31.12.2020 (including this date).