Change affecting vehicle owners passed in the Grand National Assembly of Turkey: Registration period is changing

Three more articles of the Draft Law on Amendments to Certain Laws, which were discussed in the General Assembly of the Grand National Assembly of Turkey (TBMM), have been accepted. The regulations include changes regarding entertainment tax exemption, the installment sale of immovable properties belonging to local administrations, and the post-sale registration period for vehicles.

According to the accepted articles, entertainment tax will not be collected from children and young people under the age of 18 in circuses, amusement parks, open-air gardens with music, and similar ticketed venues located within municipal boundaries and adjacent areas. Students who are still in education and are under the age of 25 will also benefit from the same exemption.

INSTALLMENT PERIOD IN REAL ESTATE SALES

With the amendment made to the State Tender Law, the way was opened for the sale price of immovable properties belonging to special provincial administrations, municipalities, and local administration unions established by them to be paid in cash or in installments.

Accordingly, if the installment payment option is specified in the tender announcement and requested by the bidder who wins the tender, at least 25 percent of the sale price will be paid in advance. The remaining amount can be collected in a maximum of 2 years and in a maximum of 12 installments, along with legal interest. The payment method, installment period, and number of installments will also be included in the tender announcements.

In installment sales, the title deed transfer can be made in the name of the buyer if a definitive and indefinite bank letter of guarantee covering the debt and interest remaining after the down payment is provided, or if a legal mortgage is established on the immovable property in favor of the administration. If these guarantees cannot be provided, the title deed transfer will not be carried out until all installments are paid.

The regulation also determines the method to be followed in case installments are not paid. In sales where the title deed transfer has not been made, the amount corresponding to the temporary guarantee will be recorded as revenue for the administration, and the remaining payment will be returned to the buyer. In sales where the title deed transfer has been made, the remaining debt will be collected with interest through the conversion of the letter of guarantee into cash or the foreclosure of the mortgage.

The proposal also extends the period granted for the registration of vehicles that can be registered electronically from 3 business days to 15 business days from the date of sale.

Following the acceptance of the relevant articles of the proposal, Deputy Speaker of the Parliament Celal Adan adjourned the session. After the break, as the commission did not take its place, the session was closed to reconvene at 14:00.

News Source: 12punto