The regulation published in the Official Gazette on June 22, 2019, introduced certain amendments to the Regulation on the Principles and Rules Applicable to the Retail Trade ("Retail Trade Regulation"). The amendment regulates new installment payment periods for certain products and partly lifts the ban on installment payments for jewelry sales.
What's New?
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
six-month installment period cap covering the sale of electronic
appliances such as video, camera and audio systems and
tablets.
The six-month installment cap for mobile phones priced more than
TRY 3,500 and the 12-month installment cap for mobile phones priced
TRY 3,500 and less are still applicable.
The applicable installment period cap of six months for tablets has
not changed; whereas the installment period cap for computers
increased from six 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 that are not bullions, and limited the installment
period to four months. The sale of any other jewelry will still be
subject to the installment payment ban.
Conclusion
The Ministry of Trade increased the installment periods for the sale of electrical appliances, televisions, computers, furniture, and certain electronic appliances, and partly lifted the installment ban for jewelry sales. In this respect, the Ministry aims to increase the sale of relevant retail goods and to boost the jewelry market.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.