The Regulation on the Amendment to the Rates of Legal Interest and Late Payment Interest on Public Receivables has been published in the Official Gazette dated May 21, 2024.
May 24, 2024
AMENDMENT IN THE RATE OF LEGAL INTEREST AND LATE PAYMENT INTEREST ON PUBLIC RECEIVABLES
As is known, since January 1, 2006, annual legal interest rate had been determined as 9%, and there have been no adjustments to this rate thus far.
Additionally, the late payment rate was last amended on November 14, 2023, it was increased from 2,5% to 3,5% per month on November 14, 2023.
Most recently, the legal interest and late payment interest rates on public receivables were amended by Presidential Decisions No. 8484 and 8485, published in the Official Gazette dated May 21, 2024.
1. The annual legal interest rate is determined as 24%.The legal interest rate which regulated under Article 1 of the Law No. 3095 on Legal Interest and Default Interest has increased from 9% to 24% per year effective from June 1, 2024.
2. The late payment interest rate on public receivables is determined as 4,5%.
The late payment which regulated under Article 51, paragraph 1 of the Law No. 6183 on the Procedure for Collection of Public Receivables has increased from 3,5% to 4,5% per month.
Please do not hesitate to contact us if you have any questions regarding above matters.
Best Regards.
Att. Selim DÜNDAR
dundar@dundarsir.com