President Erdoğan has recently launched on more than 20 economic measures to fight against the impact of Covid-19, which are included in $15 billion aid package.

The new Economic Stability Shield, as named by Erdoğan, targets many areas from business, companies, to individuals and dozens of industries that might be impacted by Covid-19.

By this means, Turkey will postpone debt payments and reduce the tax payments on many sectors. According to the news of TRT World, here are the measures taken:

• Turkey will postpone for six months the April, May and June VAT and social security payments of retail, iron-steel, automotive, logistics-transportation, cinema-theatre, housing, food-beverage, textile-garment and event-organisation sectors.

• Accommodation tax will be waived until November and for hotel rentals, Turkey postponed easement, revenue share fees for April, May and June for 6 months.

• The VAT rate for domestic flights lowered from 18 percent to 1 percent for 3 months and businesses affected by the measures against Covid-19 outbreak can delay loan/credit and interest payments a minimum of three months, and will be supported by additional financial liquidity if needed.

• Exporters will be given stock financing assistance to maintain capacity during temporary slowdown in exports.

• Turkish public bank Halkbank to postpone credit, interest and debt payments for 3 months of businesses and artists negatively affected during this period.

• The administration will increase the Credit Guarantee Fund limit from $3.8 billion to $7.7 billion, and credit will first be given to businesses and SMEs (Small and Medium Enterprise) with a collateral deficit and need of liquidity.

• The government will promote credit packages with favourable and advantageous conditions for Turkish nationals.

• Turkey will increase the amount loanable to residences valued below $77,000 from 80 percent to 90 percent, and reduce the minimum payment to 10 percent.

• Turkey will continue to support the minimum wage fund and flexible, remote working models will be made more efficient.

• The capital city Ankara will implement the Short-time Working Payment system, which will provide temporary income support, and the process to receive it will be eased and accelerated.

• Lowest retirement pension to be increased to 1,500 lira ($232) and holiday bonus for retirees to be paid in April.

• Additional 2 billion lira ($308 million) will be provided for financial aid to families in need according to the criteria set by Ministry of Labour and Social Security.

• To ensure continuity in employment, make-up time compensation will be increased from two months to four months.

• Turkey to initiate alternative channels in line with the priorities determined for production and retail in case of disruption in global sourcing chains.

• The government is also launching a periodic follow-up program consisting of social and home health services for the elderly who are 80 or older and live alone.

• Turkey’s President Erdogan said Turkish Airlines is one of the entities most affected by coronavirus and the global aviation company will receive the necessary support.


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