A new “Asset Peace” incentive in effect; well in fact the 7th one since 2008

Turkey’s new “Asset Peace incentive” aims to bring assets held abroad into Turkey and include them in Turkey’s national economy.  The mentioned incentive is the 7th in a row since 2008.

“The Law on Restructuring Certain Receivables and Amending Certain Laws” was published in the Official Gazette.

Accordingly, money, gold, foreign exchange, securities and other capital market instruments located abroad within the framework of the provisions of this Article, if brought to Turkey by real persons or legal entities will be free from any investigation until 06.30.2021. 

The aforementioned assets can be used to close the loans registered in the legal books as of the effective date of this article until 30/6/2021 by the latest. In this case, the money brought in shall be deducted from the debt accounts.

Accordingly, 17 billion Turkish Liras came from the asset peace arrangement in 2019, and 170 million tax was obtained from this. 126 million taxes were collected from 16 billion TL in 2018. While 69 billion TL entered the system in 2013, 1.4 billion TL was collected in tax. In 2010, 47.3 billion TL was declared and 1.6 billion TL was taxed.

With the 7th amnesty, the Turkish government will not be imposing and taxes while it was at 2% and 1% in the previous y-two amnesties.