Turkey restructures tax arrears, debts owed to public institutions

Turkey’s government announced a plan to restructure debts to public institutions and the tax arrears of companies and individuals.

The dues can be repaid over as many as 18 months, starting in September, according to a law published in the government’s Official Gazette on Wednesday. Applications must be made by Aug. 31.

Turkey is seeking to free up the capital of businesses and consumers to help deal with the COVID-19 pandemic and to drive economic growth. The restructuring plan is the latest in a series of such measures that span more than a decade.