Final call for those with tax and SGK debts: Missing the deadline could increase interest burden

The final weeks have begun for those wishing to pay their debts to the public sector in installments. Restructuring applications for tax debts, as well as traffic fines, student loans, other public receivables, and SGK premium debts, will end on August 31.

Tax Expert Mahmut Aydoğmuş stated in an assessment to Kanal D that debtors can benefit from significant advantages if they take action within the application period. Aydoğmuş noted that there is an opportunity for installments of up to 72 months with a 29 percent interest rate, and that no collateral is required for debts up to 10 million liras.

COST INCREASES IF DEADLINE IS MISSED

It is stated that if the deadline is missed, the interest rate to be applied could rise from 29 percent to 39 percent. This difference is directly reflected in the total cost of the debt.

For example, if a 200,000 lira tax debt is paid in 72 months with 29 percent interest, the total interest amount is 176,000 liras. Thus, the total payment reaches 376,000 liras. If the same debt is paid with 39 percent interest, the interest rises to 237,000 liras, and the total payment to 437,000 liras. The difference between the two options reaches 61,000 liras.

It is emphasized that the installment period is not automatically applied as 72 months for every application, but is determined as a result of an assessment based on the debtor's situation. Those whose applications are accepted must make their first installment payment by September 30.

Applications can be made through the tax offices where one is registered, as well as via the Digital Tax Office and e-Devlet channels. Experts recommend that debtors apply without waiting for the August 31 deadline to avoid loss of rights and facing a higher interest burden.

News Source: 12punto