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Certain Receivables, Social Security & General Health Law Changes
Law no. 611 has now been put into effect. The new law regulates the working life including primarily tax and social premium receivables, which introduces amnesty to the university students and restructures the public receivables arising from the legal actions initiated against the persons responsible for the political parties that were closed down. Taxand Turkey discuss the new law.
The new law concerning the "Restructuring of Certain Receivables, Social Security and the Amendment of the General Health Law and Certain Other Laws and Decrees with the Force of Law" is also called "The Bag Law" due to the fact that it includes provisions relating to amendments with a number of other laws. These were all presented to the attention of the Presidency of the Grand National Assembly, on 29 November 2010, in the form of 113 articles. Together with the subsequent amendments introduced, the said Law included 234 articles, of which 18 was promulgated as temporary articles.
Within the framework of the Law new regulations have been introduced regarding the following taxes and the relevant tax penalties, delay interests and delay surcharges, administrative fiscal penalties, customs duties various receivables of the municipalities and certain other subject matters.
This new law concerning Restructuring the Certain Receivables and Social Security has now been put in force. It will affect most of the tax payers in Turkey, including multinationals. Therefore multinationals should review the new law and its regulations to ensure these are being met whilst also ensuring maximum business performance is achieved.
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