The Bill Related to Coronavirus Has Become Law
A relief package designed to mitigate the negative economic impacts of the coronavirus has been approved by the Turkish Grand National Assembly and enacted into law. The package includes a three-month ban on layoffs and strict penalties for excessive price increases and hoarding.
Measures continue to be implemented in response to the coronavirus crisis. Under the relief package that has passed through parliament and become law, strict penalties ranging up to TRY 500,000 will be applied to those engaged in excessive price increases and hoarding of essential food products, health products and supplies—in short, the goods most needed during the pandemic. Those implementing excessive price increases and creating artificial shortages in the market will face fines ranging from TRY 10,000 to TRY 100,000; those distorting free competition will face penalties of TRY 50,000 to TRY 500,000. To manage and monitor this process, an "Excessive Price Increase, Hoarding and Unfair Pricing Assessment Board" has been established. Inspections and investigations will be closely monitored by this 13-member board. In addition, all forms of employment contract termination have been prohibited for a three-month period. Citizens placed on unpaid leave and those dismissed who are unable to receive unemployment benefits will receive a monthly allowance of TRY 1,177. Businesses that have halted operations will be exempt from environmental and income taxes for the duration of their closure. Additionally, payment deadlines for water bills of businesses unable to pay will be extended by three months. Source: CNN TürkAdvertisement
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