On 18 May 2018, the amendment (Turkish language) made on the “Law on the payment by the Ministry of Finance of accumulated unpaid debts to medical device companies arising from the purchase of drugs and medical devices by state university hospitals”, was published in the Official Gazette numbered 30425.
The scope of the payment model covers the debts that were unpaid according to each university’s accounting records as of 31 December 2017 and are still not paid.
The amendment extended the deadline of 6 May 2018 by an additional 15 days, allowing creditors to request such payment from universities until 21 May 2018. Within 15 days following this deadline, all applying companies must notify the Ministry of Finance of the amount of debt requested to be paid. The Ministry of Finance will thereupon calculate the debt amounts according to the discount rates and transfer to the debtor university the relevant amount within one month. The university is expected to pay the companies within five working days of this transfer. The industry expects that all payments will be made by July 2018.
First published by Practical Law, in 01.06.2018
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