ARTICLE · 31 MARCH 2023

Law On Restructuring Of Some Receivables

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A detailed new amnesty law, "The Law Relating to Restructuring of Tax and Some Other Receivables and Amendments to Certain Laws" (the "Law")...

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A detailed new amnesty law, "The Law Relating to Restructuring of Tax and Some Other Receivables and Amendments to Certain Laws" (the "Law"), which is quite comprehensive and offers partial tax amnesty for to the period ending on December 31, 2023, was published on the Official Gazette dated March 12, 2023 and has entered into effect.

The Law includes provisions that constitute partial amnesty such as restructuring of overdue public receivables, termination of tax disputes pending investigation and judicial proceedings, and immunity from tax audits by paying additional taxes for previous years, known as tax base and tax increase. In addition, there are provisions which allow off-record assets to be recorded into the accounting records and the assets which are not recorded to accounting records to be written off from the accounting records.

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