The New Wealth Amnesty entered into force through the Promulgation of the Law No. 7256
Through the Law No.7256 on Restructuring of Some Receivables and Amending Some Laws ("Law No. 7256") which is published in the Official Gazette dated 17th November 2020 and No. 31307, the Wealth Amnesty is entered into force.
Assets Within the Scope of the Wealth Amnesty
Assets accepted to be within the scope of the Wealth Amnesty are as follows:
- Money, gold, foreign exchange, securities and other capital market instruments held abroad
- Money, gold, foreign exchange, securities, other capital market instruments and immovables held in Turkey but not recorded in the legal books of income and corporate income taxpayers.
Declaration, Notification Time and Bringing Assets to Turkey
Following conditions must be met in order to benefit from the advantages within the scope of Wealth Amnesty:
- Reporting assets which are in scope of Wealth Amnesty and located abroad to the bank or institution in Turkey until the date of 30.06.2021,
- Assets within the scope of Wealth Amnesty and located abroad have to be brought into Turkey within three months from the date of notification or must be transferred to an account opened in a bank or intermediary institutions in Turkey.
- Declaration of assets located in Turkey to tax offices until 30.06.2021.
Advantages of Wealth Amnesty
No tax assessment or tax audit will be conducted on the above mentioned assets repatriated through the Wealth Amnesty.
- You may find the full text of the Omnibus Bill here.
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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
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
Procedures and Principles regarding the Wealth Amnesty were determined
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
Amendments to Regulation on the Conciliation Before Assessment
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
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
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