On 18 May 2018, the Law No. 7143 on the Restructuring of Tax and Certain Receivables and Amending Certain Laws (Law) was published on the Official Gazette and thus entered into force.
This legal alert lays out the essential provisions the Law introduced regarding the restructuring of tax receivables enforced by the Ministry of Finance.
What Does the Draft Law Say?
The Law covers tax receivables related to the period before 31 March 2018, the delay interest and tax penalties arising from these tax receivables, and other penalties not derived from an original tax.
The Law excludes income tax installments to be paid after 31 March 2018 and advance taxes to be paid in 2018 through offsetting from income/corporate income tax, as well as second installments of the 2018 motor vehicle tax.