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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The Period of VAT Reduction on Accommodation Services has been re-extended
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