03 August 2016 Turkey releases draft comprehensive tax amnesty plan A Draft Law on the Restructuring of Certain Receivables (the Draft Law) was approved by the related commission of the Grand National Assembly of Turkey on July 27. The Draft Law covers restructuring of tax and social security premium receivables, tax and tax base increases of previous fiscal years, additional declarations of inventory and fixed assets, and cash repatriation. Turkish taxpayers are familiar with tax amnesties which occur every five to six years. Although this regulation is not regarded as a tax amnesty but simply as a restructuring of public receivables by the Government, it is expected to be one of the most significant overhauls in the history of the Turkish Republic. Document ID: 2016-1325 |
