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Legal Alerts

23/06/2020

Installment Periods Increased for Tourism Sector

Legal Alerts
Real Estate
General

Recent Development

The Regulation on the Amendment of the Regulation on the Principles and Rules of Retail Trade (“Regulation”) was published in the Official Gazette No. 31159 on June 18, 2020.

What’s New? 

The tourism and aviation industries suffered various economic problems due to low demand and travel restrictions and lockdowns implemented to prevent the spread of COVID-19. The government has provided and continues to provide aid to prevent and curtail these economic problems.

On June 9, 2020, the Banking Regulatory and Supervisory Authority (“BRSA”) announced that customers could pay airways, travel agents and accommodations expenditures related to domestic tourism in 18-month installment plans. The Regulation’s publication established a legal basis for the BRSA’s decision.

Conclusion

The Regulation’s goal is to reinvigorate the economy during the COVID-19 normalization period and increase the demand for the tourism industry, in part by allowing domestic airways, travel agents, and accommodations to offer their customers 18-month plan installments to pay for their sales and services.

Please stay up to date with further developments through the Esin Attorney Partnership Coronavirus Helpdesk.