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100 billion lira prevention package against coronavirus announced

AKP Chair & President Erdoğan announced after the Coronavirus Summit held in Ankara at the Presidential Palace that a budget of 100 billion lira was allocated by the state to fight the virus in the coming days.

AKP Chair & President Erdogan made long-awaited, critical statements following the Coronavirus Summit. Erdogan announced that 100 billion TL has been allocated for these measures, defined as “provision package against coronavirus.”

“We have taken these measures to ease the economy. Our only rule is that employment should not be curtailed,” he said.

HIGH SCHOOL AND UNIVERSITY EXAMS MAY BE POSTPONED

Erdoğan said that the most important social precaution against the virus is to not leave the house.

“If we apply the announced personal prevention measures to our lives, we can reduce the time stay-at-home period to 3 weeks,” he said.

Reminding citizens that students have switched to online education to continue their education life without interruption, Erdogan said that, “We can postpone high school and university exams to a later date depending on the developments in the coming days.”

AKP chair & President Erdoğan’s list of measures against the economic effects of the coronavirus is as follows:

“1- We are postponing the April, May and June payments of SSO premiums and VAT withholding payments for the Retail, Shopping Mall, Iron-steel, Automotive, Logistics-transportation, Cinema-theater, Accommodation, Food-beverage, Textile-apparel and Event-organization for 6 months.

2- We will not apply the lodging tax until November.

3- We postponed easement fees and revenue share payments for hotel rentals for April, May and June for 6 months.

4- We are reducing the VAT rate from 18 percent to 1 percent for 3 months for the domestic air transportation sector.

5- We will delay the loan principal and interest payments of those companies whose revenues have been negatively affected a result of the measures taken to prevent against COVID-19. This postponement will last three months, and we will provide additional financial support to these companies if necessary.

6- We will provide inventory financing support to exporters in order to maintain their capacity usage rates during the temporary slowdown in exports.

7- In this period, we will postpone the principal and interest payments on Halkbank’s loan debts for 3 months (April, May and June) without interest for the craft and trade workers who make claims that their business are adversely affected during this period.

8- We will increase the Credit Guarantee Fund limit from 25 billion liras to 50 billion liras, and we will give credit allocation priority to the companies and SMEs with liquidity needs and which have collateral deficit as a result of these developments.

9- We will encourage the introduction of socially targeted credit packages with favorable and advantageous conditions for our citizens.

10- We will increase the credit viability of real estate valued below 500 thousand liras from 80 percent to 90 percent and we will reduce the minimum down payment to 10 percent.

11- We will ensure that the firms that have defaulted in April, May and June as a result of the measures taken against the spread of the virus will have a ‘force majeure’ note in their credit registry.

12- We are postponing the withholding tax return declaration periods, such as for tax withheld at source, for 3 months.

13- We will continue minimum wage support.

14- We will ensure that the flexible and remote working models in our legislation are made more effective.

15- We will implement the Short Work Allowance and ease and accelerate the processes required to benefit from it. Thus, while we provide temporary income support to workers in workplaces that have suspended their activities, we will also reduce cost to the employers.

16- We are increasing the minimum pension income to 1,500 lira.

17- We are paying the holiday bonus to retirees at the beginning of April. We will ensure that our pensioners’ salary payments are deposited directly into their accounts, so that they do not have to go to branches.

18- We will allocate a fund of an additional 2 billion lira for financial aid to the families in need, according to the criteria set by our Ministry of Family, Labor and Social Policies.

19- In order to ensure continuity in employment, we are increasing the 2-month compensatory working period to 4 months.

20- We will develop alternative channels for both production and retail in case of disruption in global supply chains, according to our determined priorities.

21- We are launching a periodic follow-up program consisting of social service and in-home health services for our citizens who are over the age of 80 and live alone.

 

Translated by Erin O’Brien

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