Jul 20, 2019
New Asset Peace Utilization is on the Way
With the Law Proposal, the application of the recently expired Asset Peace application is proposed.
a) General framework of regulation
The proposal proposes a new entity peace arrangement.
With the proposal, companies and individuals will have a opportunity to register their assets located abroad and domestically and use some advantages and privileges.
According to the proposed regulation, there is no need to prove that the assets to be brought or registered in the country have been owned by a certain date in the past.
b) Which Assets ?
The assets that will be brought into the country or registered within the scope of asset peace are as follows:
Located abroad; money, gold, foreign exchange, securities and other capital market instruments.
Located in the country; money, gold, foreign exchange, securities and other capital market instruments.
c) The date when the asset is located abroad or in Turkey
According to the proposal, there is no obligation to prove that the asset existed at a certain date in the past. It is sufficient to meet the condition that the asset is brought to the country or recorded in the given period.
d) Time of declaration or notification
According to the proposal, in order to take advantage of the proposed benefits,
The assets within the scope of abroad; 31.12.2019 until the date of notification bank or institution in Turkey
Declaration of domestic assets to tax authorities until 31.12.2019
is required.
e) How to Bring assets ?
It must be brought within three months of notification or transferred to accounts in banks
f) Exemptions where assets are not required to be brought into the country
The foreign assets included in the scope can be used to close the credits used from the banks or financial institutions abroad and registered in the legal books as of the effective date of the regulation by 31.12.2019 at the latest. In this case, they shall be deducted from the registry, the requirement being brought to Turkey for the property used for the payment of the debt shall be required.
g) How much tax will be paid?
The Law Proposal proposes to pay a 1% tax on assets both abroad and domestically.
h) Advantages of benefiting from regulation
According to the proposal, the property tax examination or tax assessment will be carried out due to assets acquired or brought to Turkey by taking advantage of record at peace.
