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ARTICLE · 26 JULY 2019

New Asset Peace Incentive

Esin Attorney Partnership
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The Law on the Amendment to the Income Tax Law and Certain Laws entered into force upon its publication on the Official Gazette No. 30836 dated July 19, 2019.

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Dr. Erdal Ekinci
Dr. Erdal Ekinci
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Recent Developments

The Law on the Amendment to the Income Tax Law and Certain Laws (the "Law") entered into force upon its publication on the Official Gazette No. 30836 dated July 19, 2019.

The Law introduced a new asset peace incentive.

What's New?

a) 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 December 31, 2019.
  • Banks and intermediary institutions will levy a 1% tax on these assets. The banks and intermediary institutions are responsible for declaring and paying the tax to their tax office through a tax return by the end of the 15th day of the month following the notification.

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