The Amendments Regarding the Legal Interest Rate and Default Interest Rate Within the Scope of the Law on the Collection Procedures of the Public Receivables
22.05.2024
Sena Coşkun co-authored this article.
In accordance with the Official Gazette dated 21.05.2024 and numbered 32552:
- — With Presidential Decree No. 8485, the annual legal interest rate (which will be applied in cases where interest is required to be paid according to the Turkish Code of Obligations and the Turkish Commercial Code and the amount of the interest is not agreed by the parties in the agreement) which is regulated in the Article 1 of the Law Regarding Legal and Default Interest No. 3095 has been increased from 9% to 24%.
This amendment shall be effective as of 01.06.2024.
- — With Presidential Decree No. 8484 ("Decree No. 8484"), the monthly default interest rate (which will be applied to the unpaid part every month from the due date if public receivables are not paid within the payment period) which is regulated in the Article51 of Law No. 3095 has been increased from %3,5 to 4,5%
This amendment is in effect as of the publication date of the Decree No. 8484.
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