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The Disaster Reconstruction Fund law came into force

The Law on the Establishment of the Disaster Reconstruction Fund entered into force after being published in the Official Gazette. According to the law...

The Disaster Reconstruction Fund law came into force

According to the law, Disaster Reconstruction Fund will be established in order to provide, manage and transfer the necessary resources for reconstruction, infrastructure and superstructure works to the relevant public institutions and organizations in the areas declared disaster zones effective for general life due to natural disasters.

The Fund's 7-person Board of Directors will be chaired by the Minister of Treasury and Finance; the Minister of Environment, Urbanization and Climate Change, the Minister of Energy and Natural Resources, the Minister of Agriculture and Forestry, the Minister of Interior, the Minister of Transport and Infrastructure and the Head of Strategy and Budget.

The Board of Directors will determine the projects to be transferred from the fund, the amount of resources to be transferred and the spending programs.

The resources of the Fund will consist of domestic and foreign cash donations, aids, grants, loans, appropriations to be placed in the budget for this purpose, financing and resources obtained from domestic and foreign capital and money markets by exempting the Fund from all kinds of restrictions in the legislation of institutions and organizations.

For projects decided by the Board of Directors in accordance with the purpose of the law, resources will be transferred from the fund to the relevant institutions and organizations with the approval of the board of directors in order to be paid within the scope of the expenditure program and depending on the realizations. The amounts transferred in this way will be recorded as income in the general budget for the administrations covered by the general budget and in the budget of the relevant public institutions and organizations for other administrations.

The fund will be audited in accordance with independent audit standards. Financial data on the sources of funds and their transfer will be shared with the public no later than quarterly periods. Within this framework, the administrations to which the resources are transferred will provide all kinds of necessary information and documents.

The fund will be exempt from corporate tax. Due to the income received by the Fund from activities related to its duties, an economic enterprise will not be considered to have been formed.

All cash donations and grants made to the fund can be deducted from the declared income or corporate earnings, provided that they are shown separately on the income or corporate tax return in determining the income or corporate tax base.

The Minister of Treasury and Finance will be authorized to allocate the external financing provided on behalf of the Republic of Turkey for the development, infrastructure and superstructure works in areas declared as disaster areas effective for general life due to natural disasters, to the Disaster Reconstruction Fund.

The Minister of Treasury and Finance will also be authorized to allocate any external source of financing to the relevant institutions and organizations for the same purpose, which will be exclusively used by institutions and organizations included in the scope of this law, other than public administrations within the scope of the general budget, without compensation to the relevant institutions and organizations. In this context, the Minister will be authorized to add appropriations to the ministry budget in exchange for the allocated amounts.

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