President Erdoğan: No taxes on money brought from abroad

Erdoğan spoke at the “Turkey Century Strong Center for Investment Program” held at the Dolmabahçe Working Office. Erdoğan announced that those bringing money from abroad will be exempt from taxes for 20 years.

AKP Chairman and President Erdoğan said, “Another issue as critical as exports is incentives that bring foreign currency into our country. At this point, there are numerous regulations in our tax laws.

Now, we will hopefully add new ones to these. If individuals living abroad who have not been taxpayers in our country for the last 3 years come to our country, we will not collect taxes in Turkey on their foreign-sourced income and earnings for 20 years.

We will only tax their domestic income, if any. For these individuals, we will apply an inheritance tax rate of 1 percent in Turkey,” he said.

'WE ARE PROVIDING OPPORTUNITIES'

Erdoğan further stated, “We are also implementing regulations that will bring the assets of our citizens and companies located abroad into our economy. In this context, we are providing the opportunity to bring money, gold, and securities located abroad to Turkey within a certain period with a low tax rate. I wish for these to be beneficial and auspicious from now on,” he said.

'WE ARE EXEMPTING 95 PERCENT FROM TAX'

Stating that 95 percent of the earnings of those engaged in transit trade activities will be exempt from tax, Erdoğan said, “We are increasing the current 50 percent discount rate on earnings obtained from transit trade or brokerage activities for the purchase and sale of goods occurring abroad to 100 percent. Thus, we will not collect corporate tax on the earnings obtained from the activities in question. We are extending this incentive beyond the Istanbul Financial Center for the first time. We are exempting 95 percent of these earnings for those engaged in transit trade activities outside the Istanbul Financial Center as well,” he said.

'WILL BE DEDUCTED FROM CORPORATE EARNINGS'

Speaking about incentives for global companies, Erdoğan said, "Another priority of ours is to encourage global companies to move their regional management centers to Turkey.

We are providing a strong tax advantage to the earnings these companies obtain by managing their foreign operations from Turkey.

Thus, for the next 20 years, 100 percent of the earnings obtained within the Istanbul Financial Center, and 95 percent of those obtained outside of it, will be deductible from corporate earnings.

Likewise, we are introducing a wage exemption for qualified employees working in these places under certain conditions,” he said.