Legal and default interest rates have been re-determined

The legal interest and default interest rates to be applied as of 1 July in public accounts were re-determined.

The Communiqué Amending the General Communiqué of the General Directorate of Public Accounts, prepared by the Ministry of Treasury and Finance, was published in the Official Gazette.

In the Communiqué, the statutory interest rates and default interest rates to be applied to receivables from persons to be followed up and collected in accordance with the general provisions were amended.

Accordingly, as of July 1, 2023, if the legal interest rate is not determined by contract, it will be 9 percent, if the default interest rate is not determined by the contract, it will be 9 percent, and 16.75 percent in commercial affairs.

The Communiqué entered into force with effect from 1 July.