The General Communiqué on the procedures and principles of the new asset peace arrangement introduced with the temporary article 15 added to the Corporate Tax Law with the Law No. 7417 was published.
⎯ It is possible to report money, gold, foreign currency, securities and other capital market instruments abroad to banks or intermediary institutions in Turkey until 31/3/2023, within the framework of the provisions of the article.
⎯ It is essential that real and legal persons give a single notification for assets located abroad. However, since each month in which the notification is made is considered as a different taxation period in the application of the article, it is possible to make more than one notification until 31/3/2023 (including this date).
⎯ Assets subject to notification within the scope of the article must be brought to Turkey within three months from the date of notification or transferred to an existing or newly opened account in a bank or intermediary institution in Turkey.
⎯ It is possible to bring assets that are abroad but not covered (for example, real estate) to Turkey within the framework of the provisions of the aforementioned article by converting them into assets within the scope until 31/3/2023.
⎯ Banks and intermediary institutions, 1% for the notifications made until 30/9/2022 over the value of the assets notified from the notification owner regarding the assets notified to them, between 1/10/2022 and 31/12/2022 (including this date) 2% for the notifications and 3% for the notifications made until 31/3/2023 (including this date) will declare the tax as tax responsible until the evening of the fifteenth day of the month following the notification.
⎯ In case the assets located abroad and subject to the notification within the scope of the article are kept in these accounts for at least one year from the date they are transferred to the accounts in banks or intermediary institutions in Turkey or brought from abroad and deposited in these accounts, The tax rate will be taken into account as 0%. In this case, the taxes collected by banks and intermediary institutions and paid to the tax office in the capacity of tax officer will be returned to the relevant person upon application to the tax office within the correction time limit.
⎯ Owned by income or corporate taxpayers and located in Turkey, but not included in the legal book records; money, gold, foreign currency, securities and other capital market instruments and immovables can be declared directly to the tax offices affiliated with in terms of income or corporate tax until 31/3/2023 (including this date), as well as the General Tax Procedure Law No. 340. It can also be declared electronically in line with the procedures and principles set forth in its Communiqué. A tax of 3% will be levied by the tax offices over the values of the assets declared to the tax offices. The tax calculated in this way will be paid until the end of the month following the month in which the assessment is made.
