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.