Ankara, Turkey – The regulation, which has been applied six times before and provides for the introduction of foreign currency, gold, foreign currency, securities and other capital market instruments to Turkey, has come into force again.
The law on Unemployment Insurance Law and amendments to some laws were published in the Official Gazette and became law.
The regulation gives individuals and legal entities who report their assets abroad to a bank or brokerage firm in Turkey until June 30, 2021, the right to freely save these assets.
Also known as asset peace in public opinion, money, gold, foreign exchange, Securities and other capital market instruments found abroad can be brought to Turkey. There will be no tax review due to these assets.
The regulation on this issue in the law is as follows:
“These assets can be used to close loans used by banks or financial institutions located abroad and registered in the legal books as of the effective date of this article no later than 30/6/2021.
In this case, provided that it is deducted from the book records, the provisions of this article shall be used for the assets used in the payment of the debt without the requirement to be brought to Turkey.
If the capital advances registered in the legal books as of the effective date of this article have been met by bringing money, gold, foreign currency, securities and other capital market instruments abroad to Turkey prior to the entry into force of this article, the provisions of this article shall be used provided that these advances are deducted from the book records.
213 Tax Procedure Law, taxpayers keeping books in accordance with this article brought to Turkey within the scope of the assets-term earnings without taking into account in the determination of taxable profits and distributable earnings for businesses as they can include the same assets from the business without taking into account in the determination of institutions may withdraw.
Money, gold, foreign exchange, securities and other capital market instruments and real estate owned by income or corporate tax payers and located in Turkey but not included in the legal Book records are notified to the tax authorities until 30/6/2021.
The reported assets can be recorded in the legal books until 30/6/2021, without taking into account the determination of the earnings for the period. In this case, these assets may be withdrawn from the business without consideration in determining taxable income and distributable income for institutions.
If the real estate reported in accordance with this paragraph is taken into the business records by placing it as capital in kind, the provisions of this article may be used, provided that the decision to increase capital was taken on the date of notification and that this decision was registered in the commercial register by the end of the tenth month following the date of notification. Losses arising from the disposal of assets brought to Turkey or recorded in legal books are not considered expenses or discounts in terms of income or corporate tax application.
Due to the assets reported under this article, no tax review and tax levy shall be carried out. In order to benefit from this provision, the assets reported in accordance with the first paragraph must be brought to Turkey within three months from the date of notification or transferred to an account to be opened in banks or brokerage firms in Turkey.
The President of the Republic shall extend the periods specified in this article up to one year, each time not exceeding six months from the end date; Treasury and Ministry of Finance, substance be brought into Turkey of the assets within the scope and issues relating to the inclusion of the company with notices, the determination of the substantive statement values, the shape of the notification, the location will be made by content and attachments, applications, information and documents to be used in implementing the articles concerning the principles and procedures to determine is authorized. “