20 September 2016 Turkish government allows payment of certain tax debts on improved terms The Turkish government has passed a new law restructuring the payment of various debts to the authorities accrued prior to June 30, including social security contributions, taxes and associated penalties and interest. Under two separate remissions available in the new law, those who apply by October 31 will only be liable to the principal sum due and a reduced rate of interest. This provides significant advantages for any individuals who have failed to declare some or all of their income for the past five years, or who have not paid the tax due on income they have declared. It will allow them to rectify their compliance with these obligations without becoming subject to penalties or high levels interest. A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details. Document ID: 2016-1578 |
