New provisions on late payment interest and penalties

According to a press release from the Ministry of Finance, on 21 April 2010, the Government approved the legislation amending and completing the Fiscal Procedures Code. A Government Emergency Ordinance containing the new provisions will be subsequently published in the Official Gazette. Changes regarding late payment interest and penalties are summarized below. On 28 April 2010, the Emergency Ordinance No. 39/2010 amending the Fiscal Procedures Code regarding late payment intere…