The Turkey Government has urged the Parliament to reintroduce a "wealth amnesty" bill, which aims at luring back funds held abroad by affluent Turks without punitive taxes and fines, reports Reuters.
Turks will need to pay 2% on eligible funds, under the new programme, and can avoid tax, which could reach up to 30%-40%. This programme will aim to avoid investigation on issues such as whether or not the wealth was generated in Turkey and "improperly" kept overseas.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Turkish individuals or companies will need to declare their finances by July every year and they "will benefit from the amnesty", according to the Turkish government.
Reportedly, the proposed bill is expected to be passed within a month without much harassment from the Parliament.
Turkey has already used a bill similar to this in 2009. The bill assisted in mitigating the effects of the global financial crisis, drawing back approximately US$28 billion from Turkish firms and individuals.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
