Financial Relief Measures in Turkey

Turkey – Financial Relief Measures Announced in Response to COVID-19 Pandemic.
In response to the COVID-19 pandemic, the President of Turkey has announced the following financial relief measures:

• The period for offering compensatory work in lieu of forced unpaid leave has been extended from 2 months to 4 months. The compensatory time will not be considered overtime.
• Withholding tax declaration due date has been extended by 3 months.
• April, May and June’s withholding, VAT and social security payments will be postponed for 6 months for retail sector, shopping centers, iron-steel sector, automotive, logistics, cinema-theater, accommodation, food, textile, events-organizations sectors.
• Flexible and remote working options by labor law will be guaranteed.
• Minimum wage support will remain unchanged.
• The processes for short-employment option will be expedited.
• The deadline for 2019 Annual Income Tax Declarations and the first installment of respective tax payment which is on 31 March 2020 has been postponed to 30 April 2020.