New restructuring for Social Security Institution (SGK) debts is coming

The Grand National Assembly of Turkey (TBMM) will begin its weekly sessions on Tuesday. On the General Assembly's agenda is an omnibus bill that concerns millions who have debts to the Social Security Institution (SGK).

In addition to "asset peace" regulations, the proposal includes new steps regarding the restructuring of SGK debts.

NEW RESTRUCTURING PERIOD FOR SGK DEBTS

According to the bill, changes will be made to the deferral and installment period for debts owed to the SGK.

The maximum installment period, currently applied as 36 months, is planned to be extended to 72 months. Within the scope of the regulation, flexibility will also be provided regarding the collateral requirements applied during the deferral of debts.

While it is proposed to increase the non-collateralized deferral amount to 1 million liras, the application aims to benefit businesses, primarily municipalities, and citizens with SGK debts.

TAX REGULATION FOR THE ISTANBUL FINANCIAL CENTER

The proposal also includes tax regulations within the scope of investment incentives.

Accordingly, the tax deduction applied to earnings obtained from transit trade activities carried out within the Istanbul Financial Center and from brokering the purchase and sale of goods abroad will be increased.

The tax deduction, currently applied at 50 percent, is planned to be increased to 100 percent. If the regulation is enacted, earnings obtained from these activities will be completely exempt from taxes.

News Source: 12punto