Turkiye has recently made changes to both the delay interest rate and the legal interest rate. Here are the details:
- Delay Interest Rate:
- The delay interest rate is calculated in the event of tax default, late payment, and voluntary disclosures.
- Previously, the delay interest rate was 3.5% per month since 14 November 2023.
- However, on 21 May 2024, under Presidential Decision No. 8484, the Turkish President increased the delay interest rate to 4.5% per month. This new rate entered into force and became effective as of 21 May 2024.
- Legal Interest Rate:
- The legal interest rate, which applies to various legal matters, had been set at an annual rate of 9%.
- Now, under Presidential Decision No. 8485, the legal interest rate has been increased significantly to an annual rate of 24%.
- This new legal interest rate will come into effect as of 1 June 2024
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