Evren Özmen
Serbest Muhasebeci Mali Müşavir
Bilirkişi
evrenozmen@ozmconsultancy.com
www.ozmconsultancy.com

New Wealth Amnesty Legislation Enter into Force

New Asset Peace-Transferring Assets To Turkey

Law №7417 is a legal update that, among other changes to the tax legislation, includes the new Wealth Amnesty. These new changes came into effect on July 05, 2022, and can be seen in Official Gazette №3188

What is the scope of Regulation?

• With the Asset Peace Regulation, real and legal persons have an opportunity to register their assets such as gold, foreign currency, and real estate that are not registered in the country or abroad.
• Asset peace regulation ​includes assets such as gold, foreign currency, and immovables both in the country and abroad.​ ​

There will not be a tax inspection for the amounts declared under the peace of wealth regulation.

How much will I have to pay in taxes if I apply for the Asset Peace Legislation?

In order to apply new asset peace regulation, there are some important things that need to be considered.

Within the scope of asset peace, assets must be transferred to a bank account in Turkey within three months from the date of notification. The bank receipt can be used to prove that the assets have been brought to Turkey in case of an investigation.

• If assets such as money and gold abroad are transferred to Turkey until 30.09.2022, a tax of 1% will be paid over the whole amount
• If it is transferred to Turkey until 31.12.2022, a tax of 2% will be paid over the whole amount
• If it is transferred to Turkey until 31.03.2023, a tax of 3% will be paid over the whole amount

The tax to be paid within the scope of the Wealth Amnesty will be paid in advance on the date of declaration.

The tax to be paid for the amounts existing in Turkey to be declared within the scope of the asset peace will not be gradual. The rate was determined as 3% of the whole amount.

Is it possible to refund the tax paid for the asset peace?

If the amounts brought from abroad within the scope of the asset peace are not withdrawn from the account for one year, the tax paid will be refunded.

Transferring the amount coming from abroad to different accounts in banks and evaluating it in investment accounts does not prevent the refund of the paid tax.

Can companies withdraw the amounts declared within the scope of wealth amnesty from the company?

The amounts brought to companies within the scope of wealth amnesty must not be withdrawn from the company for 2 years. 

After two years from the declaration, companies can withdraw the amounts from their businesses without being subject to taxable income and distributable income for corporations.

20.07.2022

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