The Economic Stability Shield Package, announced by our President Mr. Recep Tayyip Erdogan on March 18, 2020, was implemented to reduce the effects of the Coronavirus Epidemic, and the following economic measures and incentives are listed:

• Concise and VAT withholding and SSI premiums in April, May and June for retail, shopping mall, iron-steel, automotive, logistics-transportation, cinema-theater, accommodation, food-beverage, textile-garment and event-organization sectors have been postponed for 6 months.

• The accommodation tax will not be applied until November.

• The easement rights and revenue share payments related to hotel rentals for April, May and Juna are delayed for 6 months.

• Since the cash flow of the companies have impaired, due to the outbreak related measures, the credit principal and interest payments to banks will be postponed for at least 3 months and additional financial support will be provided if necessary.

• Support provided to the Credit Guarantee Fund will be increased from 25 billion liras to 50 billion liras. The priority in these loans will be for the firms and SME’s with liquidity needs and collateral deficits as they are adversely affected by developments.

• During the temporary slowdown in exports, inventory financing support will be provided to the exporter in order to maintain capacity utilization rates.

• With the coronavirus effect, the credit registry of companies that have defaulted in April, May and June will be marked as “force majeure”.

• Flexible and home-office working models will be made more effective.

• The processes required to benefit from the Short Work Allowance will be facilitated and accelerated.

• Compensatory working time (equalization period) will be increased from 2 months to 4 months.

• Minimum wage support will continue.

• The VAT rate will be reduced from 18 percent to 1 percent for 3 months for domestic air transport.

• The lowest pension will be increased to 1,500 liras.

• With the general communiqué of the Ministry of Treasury and Finance held on 24 March 2020, taxpayers operating in the sectors affected by the epidemic were provided with the force majeure provisions, while tax declaration, accrual and payment periods were extended. Accordingly, the period of issuance of the concise and VAT declarations, which must be submitted in April, May and June, has been postponed to the end of July 27, 2020.

• The payment periods of the taxes accrued based on the declarations have been extended for six months. The payments are decided to be made within the last week of October, November and December.

The following advisory decisions were taken for the banks by the Banks Association of Turkey, on March 19, 2020

• Considering the resources and credit limit; Rapid evaluation and fulfillment of loan demands of corporate firms, SMEs and individuals.

• Improving credit access facilities and credit conditions,

• Keeping credit channels open,

• Providing flexibility in terms of payment terms, installments, and guarantees,

• Concluding the configuration requests in a short time.

Following the recommendations, many deposit and participation banks, especially public banks, announced debt deferral and easy loan packages. For example; Ziraat, Vakıf and Halkbank postponed the installments, interest and principal payments to be paid on March 31, announced the grace period and additional period, and that the existing loans will be structured in the appropriate term, and defined an additional limit of 3 months’ staff salary expense to the firms.

• Administrative and social measures taken to prevent the spread of the epidemic will be briefly mentioned in items. Detailed information can be obtained from the links at the end of each article.

• It was decided to switch to the seizure system in the courthouses and regional courts, so that judicial services would be carried out with sufficient judges and prosecutors. https://www.aa.com.tr/tr/koronavirus/adalet-bakani-gul-adliyelerde-nobet-sistemine-gecildi/1775686

• On March 22, all execution and bankruptcy proceedings were stopped until April 30, except for enforcement proceedings related to child support receivables with the Presidential decision.

• With the circular issued by the Presidency, in public institutions and organizations; alternating, flexible and distance working allowed.

• Many banks have announced that their working hours will be between 12.00-17.00 as of March 23, 2020, upon recommendation of Turkish Banks Union.

• Interviews in all open and closed prisons, the use of family rooms in prisons, transfers between prisons have been postponed for two weeks, and the fever of those entering the ministry institutions will be measured.

• Shift notary public practice has been introduced across the country. You can check the notary public you wish to go, from the link below. https://portal.tnb.org.tr/Sayfalar/NobetciNoterBul.aspx

• A ban on mutual flight has been implemented with 68 countries. You can check the list of countries where flight ban is taken from the link below. https://www.uab.gov.tr/basin-aciklamalari/ucus-yasagi-olan-ulke-sayisi-68-e-yukseldi

• The Presidency of Religious Affairs has announced that the mosques, especially Friday prayers, have been interrupted to perform prayers in congregational form, but prayers will be read and mosques will be kept open.

• With the Presidential circular, all kinds of scientific, cultural, artistic and similar meetings or activities have been postponed until the end of April.

• Restaurant, patisserie etc. workplaces will only serve in the form of take-away, without allowing customers to sit down; People 65 years of age and older, as well as those with chronic conditions to go out of their residence; It was announced that they were restricted to navigate in open spaces such as parks and gardens.

• The Ministry of the Interior announced that the markets will serve between 09.00-21.00, and the number of customers to shop at the same time may be one tenth of the total area served to the customer. It was also announced that public transportation vehicles that make intercity and intercity transportation can accept passengers by their 50% of the capacity.

• As of March 16, primary school, middle school and high school education will be apart 1 week and university education will be apart 3 weeks; It has been announced that from March 23, the education will continue on television and internet with distance education. It is envisaged that the related practice will continue for a while.