Deadline to Benefit from Restructuring Extended

The Presidential Decision dated 25.05.2023 and No. 7300 (Decision) has entered into force through publication in the Official Gazette dated 26.05.2023 and No. 32202. The Decision extended the deadlines for applications and first installment payments for debt restructuring, tax base increase and correction of business records. The key developments under the Decision are summarized as follows:

• As is known, Law No. 7440 on the Restructuring of Certain Receivables and Amendments to Certain Laws (Law No. 7440) sets out the procedures and principles regarding the restructuring of certain public receivables.
• As per Law No. 7440, the deadlines for application regarding restructuring and tax base increase had been set as 31.04.2023 and the first installment payment date had been set as 30.06.2023.
• The said deadlines are extended for one month pursuant to the Decision. Within the Decision, the deadline for applications, notifications, and declarations is set as 30.06.2023. However, since the above-mentioned date coincides with Sacrifice Holiday, applications, notifications, and declarations can be made until 03.07.2023 (including this date).
• Additionally, the deadlines for the first installment payment regarding the application, notification, and declaration are extended until 31.07.2023 (including this date).

The above-mentioned time extension has no effect on tax lawsuits to be filed based on the CT declaration submitted with reservation.