The Delay Interest Rate for Receivables has been Determined.

A new development has occurred regarding public receivables in Turkey. With the decision published in the Official Gazette, the delay interest rate specified in the Law on the Collection Procedure of Public Receivables has been revised. This important decision, signed by President Recep Tayyip Erdoğan, will have a significant impact on individuals and businesses with public debts as of 2023.

The delay interest has been determined as 3.7% to be applied separately for each month. In this context, the interest rate that debtors must comply with in case of late payment of public receivables has increased significantly. The rising rate may impose a considerable burden, especially for taxpayers and businesses that do not pay their debts to the public.

With this regulation, the additional financial burden imposed for the collection of public receivables may have serious effects on the debtor segment. The application of delay interest means higher costs for those in debt, while it may also provide an advantage for relevant public institutions in accelerating their collection processes.

The determination of the delay interest rate in this manner will directly affect not only individual taxpayers but also corporate creditors. This situation may contribute to the government's efforts to increase tax revenues and achieve budget balancing goals.

Ultimately, the 3.7% delay interest rate established for public receivables can also be seen as an encouraging factor for timely payments. Therefore, it is crucial for indebted taxpayers to be informed about this new regulation, as it emphasizes the importance of considering timely payment of their debts.