Turkey Introduces Regulations On Assets Brought İnto Turkey From Abroad

As per article 2 of the Law Amending the Income Tax Law and Certain Other Laws numbered 7186 (the "Omnibus Bill"), the provisional article 90 (the "Provisional Article 90") has been included in the Income Tax Law numbered 193.

Following that, procedures and principles regarding the implementation of the concerning Provisional Article 90 have been determined under the General Communiqué on the Inclusion of Certain Assets in the Economy (the "Communiqué").

Some important points put forth by the Provisional Article 90 are as follows:

• Between 19 July 2019 and 31 December 2019, real and legal persons who notify banks or other intermediaries in Turkey, either themselves or through their authorized agents or legal representatives, of their assets such as money, gold, foreign exchange, securities and other capital market instruments held abroad, may freely dispose of such assets. In this regard, provided that these assets are brought into Turkey within three months