Procedures and Principles regarding the Wealth Amnesty were determined
In the Official Gazette dated 17th November 2020, the Law No.7256 on Restructuring of Some Receivables and Amending Some Laws (Law No. 7256) was published. Through the Law No.7256, a new asset peace (Wealth Amnesty) has been regulated for assets held abroad and assets in Turkey not recorded in legal books.
Within this scope, through the General Communiqué on the Inclusion of Certain Assets in the Economy serial no. 1 (Communiqué), published in the Official Gazette dated 28 November 2020 and No. 31318, explanations were made on the following issues regarding the Wealth Amnesty:
- Declaration and bringing of assets held abroad and declaration of assets in Turkey
- Transactions to be made by banks or intermediary institutions upon notification
- Status of assets appearing on behalf of the legal representatives, shareholders or agents of the companies
- Declaration value of assets
- Cases during which inspection and assessment will not be made
- You may find the full text of the Communiqué here.
All rights of this article are reserved. This article may not be used, reproduced, copied, published, distributed, or otherwise disseminated without quotation or Erdem & Erdem Law Firm's written consent. Any content created without citing the resource or Erdem & Erdem Law Firm’s written consent is regularly tracked, and legal action will be taken in case of violation.
Through the promulgation of Law No. 7394 on the Amendments of Treasury-Owned Immovable Property Valuation and the Value Added Tax Law and on the Amendments of Certain Other Laws and Decrees (“Law No. 7394”), published in the Official Gazette...
Through the promulgation of Law No. 7352 Amending Tax Procedure Law and the Corporate Tax Law (“Law No. 7352”), published in the Official Gazette dated 29th January 2022...
Through the announcement of Circular No. VUK-138/2022-1 and dated 25 January 2022 (“Circular”) made by the Turkish Revenue Administration, it has been announced that the deadline for the submission of tax returns regarding...
Special Consumption Tax Rates and Base for Some Passenger Cars are Amended
VAT Rate Applicable to Education Services Provided in Private Schools and Universities is Reduced to 1%
Procedures and Principles Regarding the Tax Registration Cancellation of Taxpayers with High Risk to Forge Documents is Published
The New Wealth Amnesty entered into force through the Promulgation of the Law No. 7256
Provisions on Restructuring of Public Receivables of the Law No. 7256 entered into force
New Taxation Rules were introduced for Share Buybacks
Procedures and Principles regarding the Restructuring of Some Public Receivables were determined through the General Communiqué Serial No.1
The Revaluation Rate was determined as 9,11 % for 2020
The Liability for Valuable House Tax will be effective as of 2021
Extension of the Period Designated for Submission of the First Country by Country Report
The Duration of VAT Rate Discounts on Certain Goods and Services is Extended
The Upper Limit of Stamp Tax to be Applied in 2021 was determined
Income Tax Tariffs Applicable on Remunerations and Income Other than Remunerations Acquired in 2021 were determined
The Communiqué on the Procedures and Principles Regarding Valuable House Tax was published
Special Communication Tax Rate was increased to 10%
VAT in Urban Transformation was reduced to 1%
SCT Rates on Electric Cars were increased
Tax Regulations Regarding Technopolis and R&D Centers
Withholding Rate of Long-term Construction and Repair Business was increased
Limitation on Financing Expense Deduction is Back
Special Communication Tax as Deductible Expense
Declaration of Wage Incomes for FY2020
Amendments to Regulation on the Conciliation Before Assessment
Corporate Tax Rate has been increased
The Period of VAT Reduction on Overnight Services in Accommodation Facilities Has Been Extended for 1 Month
SCT Amounts Imposed on Some Fuel Products Have Been Increased
The Corporate Tax General Communiqué No. 18 is Published
The Duration of VAT Rate Discounts on Certain Goods and Services is Extended Until July 31st
The Period of VAT Reduction on Accommodation Services has been re-extended
Time Extension for Wealth Amnesty
Obligation of Ultimate Beneficial Owner Declaration for Corporate Taxpayers and Certain Persons
The Duration of VAT Rate Discounts on Certain Goods and Services is Extended Until 30 September 2021
The Period of Withholding Rate Reductions on Real Estate Rentals is Extended to September 30th
The Rate Regarding the Working Time Spent Outside the Region and Centers by Personnel Working in Technology Development Zones and R&D or Design Centers Has Been Amended
The Law No. 7338 on the Amendment of Tax Procedural Law and Certain Other Laws Has Entered Into Force
Tax Amendments Introduced Through the Law No. 7341