Tax regulation including asset amnesty enters into force

The Law on Amendments to Certain Laws, which includes tax regulations, has been published in the Official Gazette and has entered into force.

The law also includes provisions regarding asset amnesty.

REGULATION ON FOREIGN EARNINGS

Accordingly, for individuals considered residents in Turkey, income tax will not be levied for 20 years on earnings obtained abroad, provided that they did not have a residence or tax liability in Turkey in the three calendar years prior to being considered a resident in Turkey.

DEFERRAL PERIOD EXTENDED

The maximum installment period for deferral practices regarding public receivables has been increased from 36 months to 72 months. The amount for deferral without collateral has been set at 1 million liras.

TAX EXEMPTION ON WAGES

An income tax exemption will be applied to the portion of the wages of qualified service personnel employed in qualified service centers that does not exceed three times the gross minimum wage.

ASSET AMNESTY DEADLINE IS 2027

If money, gold, foreign currency, securities, and other capital market instruments located abroad are declared to banks or brokerage firms by natural or legal persons until July 31, 2027, no tax inspection or tax assessment will be conducted for the amounts related to these assets.

ISTANBUL FINANCIAL CENTER INCENTIVES

The duration of the 100 percent corporate tax deduction applied to the earnings of institutions operating in the Istanbul Financial Center with a participant certificate has been extended until 2047.

Additionally, the 5-year exemption period provided to these institutions regarding financial activity fees for establishment and permit procedures has been increased to 20 years.

News Source: 12punto