Extending peace of assets from abroad
The wealth amnesty programme in Turkey has been extended for an additional 6 months.
The decision of the Presidency of the Republic of Turkey, published on 30 December 2019, extends this wealth amnesty period to 30 June 2020. The new schedule is as follows:
The period of benefiting from the assets of the peacekeepers recognized for natural persons and institutions, which have a company abroad, was extended by 6 months.
In accordance with the Regulation Act №7186, the real persons and corporations subject to full liability shall be exempt from income and corporation tax if the profits from the sale of the participation shares of the companies abroad, the participation earnings and the commercial gains are brought to the country. In order to benefit from the exemption, the earnings had to be obtained until 31 December 2019 and had to be brought to the country until 31 March 2020.
These periods have been extended for 6 months. According to this, income and corporation tax exemption will be applied if real persons and corporations that are subject to full liability come to the country until 30th of September 2020 by the income they will obtain until June 30, 2020, due to their companies abroad.
In the Law, the gains from the liquidation of the company abroad assets peace scope to bring Turkey up to the date of December 31, 2020, has been extended for 6 months. Those who apply these earnings to the country until 30 June 2020 and bring 30th of September 2020 will not pay income and corporate tax. They will only pay % 1 of amount for tax
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