Voluntary Disclosure

Letzte Beiträge zum Thema Voluntary Disclosure

  1. Turkey: Tax amnesty for Turkish residents entered into force
  2. Voluntary Disclosures Argentina: Approval of the “Plan”

Turkey: Tax amnesty for Turkish residents entered into force

With the promulgation of the Law No. 6736 in the Official Gazette of Turkey on August, 19, 2016 expected Turkish tax amnesty/Voluntary Disclosure Program has entered into force.

The program provides amnesty from various tax and other penalties for persons whom did not report their assets located outside Turkey (cash, gold, securities, other capital market instruments), if the conditions of the program are met. To benefit from the amnesty, taxpayers have to repatriate their assets into Turkey following to the declaration. The program closes on Dezember 31, 2016.

For further information to the program please refer to our VDP Country Fact Sheet for Turkey.

Voluntary Disclosures Argentina: Approval of the “Plan”

As a member of the Global Forum on Transparency and Exchange of Information for Tax Purposes, Argentina is participating in the Automatic Exchange of Information (AEOI), which will enter into force in 2017. To regularize unreported assets, Argentina is launching a voluntary disclosure program of unreported assets located within Argentina and abroad, called “Plan” (sistema voluntario y excepcional de declaracion de tenencia de moneda nacional, extranjera y demas bienes en el pais y en el exterior, llamado “Plan”).

The Argentine Congress approved the “Plan” on June 29, 2016. The next step is the promulgation by the Executive Branch to be legally valid.

The application period will be from the date of the promulgation until March 31, 2017. Costs of regularization, which will be paid to the tax authority, are dependent on the date of report: They will vary from 0% to 15% of the asset´s value.