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Tekce Comments About Wealth Amnesty Creating a Large Foreign Capital Inflow to Turkey
Tuesday, February 9, 2021 1:30PM IST (8:00AM GMT)
Tax benefit provided to the persons for bringing their money, gold, funds, and other capital market instruments held abroad, provided a large capital inflow to Turkey. With the new amendment, the application period was extended until June 30, 2021.
Istanbul, Turkey:
The legislation known as ‘Wealth Amnesty’ allows the legal entrance of the funds, gold, securities and other market capitals into Turkey, without being subject to tax, with the condition to be declared until June 30, 2021.
(Photo: Business Wire)
While there was 1% or 2% tax in the past applications, with the current law, applicants started to benefit from this practice with 0% tax advantage. Natural and legal persons who have reported their wealth abroad to a bank or brokerage house in Turkey until June 3