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Turkey enacts tax amnesty

Turkey enacts tax amnesty

Turkey's parliament has launched a tax amnesty in an attempt to lure back citizens' assets held overseas and help bolster government finances.
The "Wealth Reconciliation" legislation which introduces a nominal 2 percent tax on assets returned to Turkey, was passed in parliament late on Tuesday. It was enacted despite objections by opposition parties who say the law rewards tax-evaders.
Under the legislation, assets held abroad would need to be declared to Turkish authorities by August _ with no questions asked about the source of the wealth.
Officials estimate that up to US$130 billion worth of Turkish assets are held abroad.
Around 28 billion Turkish Lira (US$ 15 billion) worth of assets were returned to Turkey under a similar tax amnesty enacted in 2008.


Updated : 2021-01-20 09:22 GMT+08:00