Due to the recent economic difficulties in our country, many companies have fallen into financial difficulties and therefore have started to experience difficulties in the fulfilment of their debts. This situation, of course, also negatively affects the companies that have creditors from these companies and therefore indirectly affects their financial strength.
For these reasons; in practice, it is often seen that debt restructuring agreements / foreign exchange commitments are signed and in this way, the maturities of the debts of the companies and the collaterals received are changed / renewed. However, debt restructuring or instalment transactions, which are often made without detailed information, cause greater losses to firms.
Debt restructuring is the process of providing payment facilities to the debtor by debt restructuring by various institutions. For the amount owed, the person has the opportunity to pay the debt by applying to the competent authorities with the requested documents and structuring the debt in accordance with the budget.
The issue of postponement and instalment, which is dealt with in Article 48 of the Law No. 6183 on the Procedure for Collection of Public Receivables No. 6183; In addition to the protection of the public receivable, in order to enable the accrual and collection of the continuation of the public receivable, in order to enable the accrual and collection of the public receivable, it is requested in writing, to provide collateral and most importantly, “in case of very difficult situation”, together with the goodwill of the public debtor, if the goodwill of the public debtor is seen, it introduces provisions that protect and protect the public debtor.
How is the tax debt restructuring process?
In order to carry out the debt restructuring process, a debt inquiry must first be made. Persons who learn the debt details by making a query about whether they have tax debt should apply for the structuring process. Applications made within the period specified in the structuring period can be made by going to the tax office in person with a petition or by mail. Apart from these ways, applications that can be made over the internet must first enter all the necessary identity information, including the T.R. identity number.
Who can apply for debt restructuring?
Those who appear as debtors in the records of tax offices,
Taxpayers (Even those who issue fake invoices can benefit)
Those subject to punishment
Persons deemed to be public debtors due to liability regulations
Certified public accountants who are jointly and severally responsible for the payment of the debt together with the taxpayer,
They will be able to benefit by taking into account the amount they are responsible for.
For which tax debts can deferment and instalment be requested?
Value Added Tax,
Provisional Tax,
Special Consumption Tax,
Banking and Insurance Transactions Tax,
Special Communication Tax,
Fees (excluding title deed fees based on the assessment),
Funds,
Shares (including Education Contribution Fee and related late fees)
Rights
What is the deferment interest rate and the maximum instalment period?
The deferment interest rate is 12% per annum. The maximum instalment period is 36 months as per the law.
For all these reasons; we recommend that you seek professional assistance in this regard, as it would be appropriate to take these issues into consideration during the restructuring of existing debts by changing the maturities or securing them with collateral and to include provisions to this effect in the relevant contracts and protocols.
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