Turkey Proposes Debt and Fine Restructuring to Support Companies

Turkey’s ruling party laid out details of a plan to restructure some debts and administrative fines in an effort to support companies under pressure from the coronavirus crisis, Bloomberg News reported. The plan includes tax debts, administrative fines and social security payments. The proposal amounts to about 500 billion liras ($63 billion) of restructuring, Mehmet Mus, the AK Party’s parliamentary whip, said on Friday, according to the Sabah newspaper. The proposed bill has been approved by the planning and budget commission of parliament. The proposal includes debts to and fines by ministries and institutions as of Aug. 31. Judicial fines, penalties issued by supreme boards and fines related to Covid-19 measures will be exempt from the bill. Read more