The Legal Default Interest Rate and the Delay Surcharge Rate on Public Receivables have been Increased

Pursuant to the Presidential Decree no. 8485 which has been published with the Official Gazette dated 21 May 2024 and numbered 32552, the legal interest rate applied as 9% before the publication of this Decree which is regulated under the Article 1 of the Law No. 3095 on Legal Interest and Default Interest has been determined as 24% (twenty-four percent) effective from the date of 01/06/2024.

Additionally, pursuant to the Presidential Decree no. 8484 which has been published with the same Official Gazette, the rate of delay surcharge situated under the first paragraph of Article 51 of the Law No. 6183 on the Procedure for Collection of Public Receivables has been determined as 4.5% (four-point five percent) to be applied separately for each month.

As of June 1st, 2024, it is advised to take the increased legal default interest rate in the follow-up and collection of receivables and the increased delay surcharge rate for public receivables as basis.

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