AMENDMENTS TO THE REGULATION ON THE PRINCIPLES AND RULES APPLICABLE TO RETAIL TRADE

Dünya Executive - - BUSINESS BY LAW -

A regulation published in the Official Gazette on June 22 introduced certain amendments to the Regulation on the Principles and

Rules Applicable to the Retail Trade. The amendment regulates new installmen­t payment periods for certain products and partly lifts the ban on installmen­t payments for jewelry sales. In this respect, the Ministry aims to increase the sale of relevant retail goods and to boost the jewelry market.

The installmen­t period cap for TVs priced more than TRY 3,000 changed from three to six months, and the relevant price cap increased from TRY 3,000 to TRY 3,500. The installmen­t period for TVs priced TRY 3,500 and below is capped at 12 months. In addition, the three-month installmen­t period cap for audio and video systems was re-establishe­d.

The new provision provides a 6-month installmen­t period cap covering the sale of electronic appliances such as cameras, audio systems and tablets.

The 6-month installmen­t cap for mobile phones priced more than TRY 3,500 and the 12-month installmen­t cap for mobile phones priced at TRY 3,500 and less are still applicable. The applicable installmen­t period cap of 6 months for tablets has not changed whereas the installmen­t period cap for computers increased from 6 months to 12 months.

The installmen­t period cap for the sale of electric appliances such as refrigerat­ors, washing machines, dishwasher­s and electrical household appliances, as well as furniture, increased from 12 months to 18 months. The Ministry of Trade also lifted the installmen­t ban for the sale of jewelry, excluding bullion, and limited the installmen­t period to four months. The sale of any other jewelry will still be subject to the installmen­t payment ban.

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