‘Tax restructuring to be win-win model’

February 22, 2011, Tuesday/ 17:14:00/ TODAY'S ZAMAN

The government expects that a recently legislated tax restructuring procedure will favor both the state and the taxpayers, Finance Minister Mehmet Şimşek told reporters on Sunday in Ankara.

Parliament last week approved a “sack law” -- a term commonly used to describe a package of unrelated revisions to laws that are lumped together for the purpose of fast-tracking legislative changes -- that will have an impact on the restructuring of outstanding taxes and social security premiums owed to the state, among other things. The law will be put into force following President Abdullah Gül’s approval. “This will be a win-win process, and both citizens and the state will win,” Şimşek highlighted, adding, “The government hopes to open a new page in restructuring public receivables.” The minister noted that the Ministry of Finance would set up stands at shopping malls in İstanbul, İzmir and Ankara to inform the people about the advantages of the new package. If Gül signs the bill, the payment of all taxes and tax fines outstanding as of Dec. 31 of last year as well as all unpaid social security premiums will be affected.

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