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ARTICLE · 20 NOVEMBER 2020

Law No. 7256 Introduces A New Asset Peace Incentive

Esin Attorney Partnership
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The Law on the Restructuring of Certain Receivables and Amendments to Certain Laws No. 7256 ("Law No. 7256") published on the Official Gazette No. 31307 on November 17, 2020...

TurkeyTax
Dr. Erdal Ekinci
Dr. Erdal Ekinci
Orhan Pala
Orhan Pala
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New Developments

The Law on the Restructuring of Certain Receivables and Amendments to Certain Laws No. 7256 ("Law No. 7256") published on the Official Gazette No. 31307 on November 17, 2020 introduced a new asset peace incentive.

What Does the Law No. 7526 Introduce?

Asset Peace for Assets Held Abroad

  • Individuals and legal entities can freely dispose of their money, gold, foreign exchange, securities and other capital market instruments held abroad if they duly notify these assets to Turkish banks or intermediary institutions by June 30, 2020.
  • Individuals and legal entities can utilize the abovementioned assets until June 30, 2020 to close loans from banks and financial institutions abroad and which are recorded in taxpayers' legal books as of November 17, 2020. Assets used to repay loans can benefit from this provision without being brought into Turkey if they are removed from the legal book entries.

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