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Omnibus law could shut down trade: Worried business community

The proposed law on the amendment of some laws and decrees with the force of law, which was discussed and adopted by the Plan and Budget Commission of the Grand National Assembly of Turkiye, is causing concern in the business world.

Omnibus law could shut down trade: Worried business community

In particular, Articles 30, 32 and 33 of the proposal impose a payment requirement on buyers of goods and services in order to deduct the withheld VAT, which may have a negative impact on commercial life.

The proposal stipulates that VAT declaration No. 2 must be submitted by the evening of the 21st of the following month, while the payment date is set for the 23rd. The business world believes that this may bring trade to a standstill and negatively affect sectors.

During the discussions at the Plan and Budget Commission, officials said that many sectors, especially the iron and steel sector, could be directly affected. They also pointed out that these changes have the potential to affect many sectors indirectly.

Sector representatives said that if the proposal is implemented, these changes in business processes could complicate the conditions for doing business and negatively affect the flow of trade. It is stated that these regulations, which are closely related to commercial life, may disrupt the balance between sectors and shake economic balances.

In the coming period, the proposal is expected to be discussed in detail and solution-oriented approaches are expected to be adopted through dialogues with the business world and sector representatives.

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