Maximum revenue limit doubled for businesses to qualify as an SME

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President Recep Tayyip Erdoğan has issued a new decree, changing the definition of small and medium-sized enterprises.

According to the regulation published in the Official Gazette today (March 18), the maximum monthly revenue of a business should be no more than 250 million Turkish lira (~17 million US dollars), in order for it to qualify as an SME. The threshold was previously 125 million lira.

The maximum number of employees that a business should have to be defined as an SME remained 250.

The maximum revenue of micro businesses was raised from 3 to 5 million lira.

Meanwhile, the name of the Ministry of Science, Industry and Technology was changed to the Ministry of Industry ad Technology. (TP/VK)