Recent Development

As you may recall from our legal alert regarding Law No. 6736 on the Restructuring of Certain Receivables, publicly known as the "tax amnesty law," individuals and legal entities were allowed to bring their money, gold, foreign currency, securities and other capital market instruments into Turkey by or before 31 December 2016 without being subject to any tax audit, tax assessment or investigation.

Council of Ministers Decision No. 2016/9608, published in the Official Gazette on 30 December 2016, extends this tax amnesty period to 30 June 2017.

For further details regarding the principles and procedures relating to tax amnesty for assets held abroad, please refer to our legal alert regarding Communiqué No. 4 Regarding Law No. 6736 on the Restructuring of Certain Receivables published by the Ministry of Finance.

Conclusion

Affected taxpayers should be aware of this new opportunity to bring previously untaxed income into Turkey without triggering any tax liability by 30 June 2017.