The Economic Reform Package includes 77 regulations


77 legal regulations will be made in line with the Economic Reform Package, according to the Ministry of Treasury and Finance. 

The details of the Economic Reform Calendar have been announced by the Ministry of Treasury and Finance with a Twitter post last night. The 38-page calendar includes 77 legal regulations to be made in line with the Economic Reform Package. Seventy-two administrative arrangements, 6 presidential decrees, 11 presidential executive orders and 12 secondary legislative arrangements will be made within the implementation of the package. 

The action plan consisted of 10 main actions under Public Finance, Price Stability, Financial Sector, Current Deficit, Employment, Corporate Governance, Promotion of Investments, Facilitation of Domestic Trade, Competition, Market Surveillance and Inspection titles. These main actions contain 34 subtitles and 155 scheduled actions.  

Relevant ministries and public institutions to make regulations have been detailed in the Economic Reforms Action plan, which aimed at growing the economy on the basis of investment, production, employment and exports. All regulations included in the calendar will be completed by the end of 2023. Of these, 120 will be carried out in 2021, 29 in 20211 and two in 2023. 

Two regulations included in the action plan have already been carried out. Accordingly, membership of asset management companies to the Association of Financial Institutions and revision of the remote working legislation to accord with the new business models have been completed in March. 

Here are some important headlines included in the Economic Reform Package:

  • Income tax exemption for small tradespeople,
  • Limitation on vehicle purchases in the public,
  • New and digital system in public procurement tenders,
  • Digital tax office to operate 24 hours,
  • Financing in accordance with additional employment
  • Young people aged 18 and below can be included in the private pension system (BES),
  • Facilitating the initial public offering (IPO) processes,
  • Infrastructure for the green bond market,
  • Infrastructure for digital currency,
  • Participation financing arbitration mechanism,
  • Bonds Guarantee Fund
  • Economic Coordination Council,
  • Financial Stability Committee,
  • Turkish Statistical Institute (TurkStat) will have “related institution” status. 

You can reach the full version of the 38-page reform calendar (in Turkish) here.

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