Recent Developments
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.
