Resource utilization subsidisation fund

By the Decree no.84/8860 of the council of ministers, ?resource utilizationsubsidisation fund? has been established with the aim of promoting investments andexport in accordance with the targets prescribed in the Development Plan and annualplan, directing bank resources to the fields being encouraged and payingsubsidisation premiums to the exporters, investors and banks in order to reduce thecredit costs in specialization credits by Central Bank of the Republic of Turkey(CBRT) in 01.01.1985. In Article 10 of the Decree no.88/12944 of the council ofministers, it has been stated that ? decree no.84/8860 dated 13.12.1984 regardingresource utilization subsidisation fund and the annexes and the amendments of thisdecree are abolished? and in Article 1, ?resource utilization subsidisation fund hasbeen established in order to direct the investments in accordance with the targetsprescribed in Development Plan and annual plans, and to reduce the credit costs inspecialization credits?.The legal basis of the fund are the articles 37 and 40 of Law of Banksno.3182. This law is later replaced by the Law no.4389, and the authorization givento council of ministers has been sustained with the Article 20/1-b of the new law.However, the clause (e) of Article 16 of Law on amendment of some laws anddecrees having force of law no.4684 published on Official Gazzette no. 24451 in03.07.2001 has annulled the Article 20/1-b of Law of Banks no.4389. Yet, theprovisional article 3/a of law no.4684 has provided that ?the resource utilizationsubsidisation fund charges will be collected according to the annulled articles until anew arrangement on the subject is done?.Subsidisation premiums have been paid to the exporters, investors and banksthat provide specialization credits. However, such payments are not made at present.Being abolished with a legal arrangement by 01.01.2002, the fund has beencollected on the basis of the provisional article 3/a of law no.4684. The resources ofthe fund include fund charges collected form the TL and foreign credits provided bythe banks and the participation banks, penal interests resulting from sanctionsimplemented or from fund charges not deposited when due, and fund chargescollected from credit-based imports (import with acceptance credit, deferred paymentletter of credit, cash-against-goods import).The fund charges collected by the banks, participation banks and customsadministrations were deposited to resource utilization subsidisation fund by CBRTAnkara Branch between 1.1.1985-31.12.2001. However, from 1.1.2002 on, based onthe execution circular no.2002/4 published in 14.2.2002 by Ministry of Finance theGeneral Directorate of Revenue, which is Revenue Administration since 2005, thesecharges are deposited to related tax offices.Accounting applications of Resource Utilization Subsidization Fund by theCBTR; payments from the fund and the fund charges from the interests accrued tothe credits of the banks have been followed in ?45- Transitory Creditor 450 216 000Resource Utilization Subsidization Fund? account following the Resolutionno.84/8860. Not any subsidiary accounts, but this main account has been used forthe fund charges deposited to the fund and the payments from the fund. Followingthe Resolution no.88/12944, in the accounting applications of Resource UtilizationSubsidization Fund, subsidiary accounts have been used according to the resourcesof the fund and the sorts of the payments to be made.On the Uniform Chart of Account being used by the firms since 01.01.1994,the fund charges from exchange, gold and Turkish Lira credits and the penal interestamounts are followed in ?780- Financing Expenses, Fund Charges from Credit-BasedImports (Import with Acceptance Credit, Cash against Goods and Deferred PaymentLetter of Credit) 153- Trade Goods?.?On the Uniform Chart of Account? being used by the banks, on the otherhand, the fund charges are followed in the subsidiary account ?390 22 ChargesTransferred to the Fund? of the main account ?390- Miscellaneous Payables TL?.Tax departments applying Public Administrations Accounting Plan withincontext of the General Budget are following the fund charges to be recorded asrevenue to the budget in three subsidiary accounts of ?800 Budget Revenues?. Theseare:- 800 2625-Resource Utilization Subsidization Fund Charges- 800 2622- Resource Utilization Subsidization Fund Charges in Import- 800 2518- Resource Utilization Subsidization Fund Penal InterestsWhile most funds are abolished, Resource Utilization Subsidization Fund isfollowed and collected by Resource Utilization Subsidization Fund Unit by Ministry OfFinance Revenue Administration.