Open menu

The Default Interest Rate Is Determined for 2019

The Default Interest Rate Is Determined for 2019

As is known, the default interest rate announced every January by the T.R. Central Bank has been applied in case there is no default interest rate is determined in a contract or related clause is invalid regarding the good or service supply, according to the clause 7 of the Art. 1530 of the Turkish Commercial Code.

The default interest rate to be applied throughout the year 2019 has determined with the “Communique on Determining the Default Interest Rate Regarding the Due Payments to the Creditors in Good or Service Supply” (the “Communique”) which is published in the Official Gazette on January 2nd, 2019. According to the foresaid regulation, the default interest rate to be applied if the default interest rate is not considered in an agreement clause or is invalid, determined as 21,25% annually. Besides, minimum removal amount which shall be demanded for the expenses of the collection of receivables, is determined as 245,00-Turkish Lira.

The foresaid rate and amount are entered into force on 02/02/2019 and are applicable as of 01/01/2019.

Written by Seda Arıcı, Posted in Taxation Law, Turkish Commercial Code

  • Notification!

    Contents provided in this article serve to informative purpose only. The article is confidential and property of CottGroup® and all of its affiliated legal entities. Quoting any of the contents without credit being given to the source is strictly prohibited. Regardless of having all the precautions and importance put in the preparation of this article, CottGroup® and its member companies cannot be held liable of the application or interpretation of the information provided. It is strictly advised to consult a professional for the application of the above-mentioned subject.

    Please consult your client representative if you are a customer of CottGroup® or consult a relevant party or an expert prior to taking any action in regards to the above content.

About The Author

Seda Arıcı

Legal Consultant | Attorney
This website is using cookies.
In this website, we use cookies to develop your user experience, obtain efficient work and track statistical data. You are agreeing to our use of cookies by browsing our website. Please review Çerezler (Cookies) page for detailed information of how we manage the cookies. This choice is valid for 30 days until you delete the cookies in your web browser.