With the 50th article of the Omnibus Law No. 7417 dated 1 July 2022, the temporary article 15 was added to the Corporate Tax Law No. 5520 and a new asset peace arrangement was made. The details of the new asset peace implementation are explained in the General Communiqué on Bringing Certain Assets to the Economy, published in the Official Gazette dated August 9, 2022.

I. AMENDMENT

In the general communiqué on the peace of asset, the following issues were clarified.

I.1. Within the scope of asset peace, notification to banks or intermediary institutions for assets located abroad can also be made through a legal representative.

I.2. It has been clarified that in the transactions of transferring the relevant asset to an existing or newly opened account in a bank or intermediary institution in Turkey, the fact that the notifying account holder and the person transferring the asset from abroad are different persons is of no importance in terms of benefiting from the aforementioned provision.

I.3.  It will be possible to bring assets that are abroad but not within the scope of asset peace (for example, immovables) to Turkey until 31.03.2023, by converting them into assets within the scope of asset peace.

I.4.  The term “to be brought to Turkey” is explained in the Communiqué: Accordingly, (i) Physically bringing money, foreign currency, gold, securities and other capital market instruments to Turkey or an account to be opened at a bank or brokerage house in Turkey. (ii) If securities and other capital market instruments that cannot be physically brought to Turkey or transferred to an account to be opened in brokerage houses are notified to intermediary institutions, the relevant assets will be brought to Turkey.

I.5.  While it is stated in the Law that no corrections can be made regarding the notification or declarations after the notification and declaration period has expired, the date on which the correction cannot be made is clearly indicated as 31.03.2023 in the Communiqué, and there are also provisions regarding making more than one notification before this date and correcting the notifications made before.

I.6. Standard forms, declarations and petitions have been published for the applications to be made: The form to be used for the notification of assets located abroad to banks or intermediary institutions (Annex 1), the declaration to be submitted to the tax office by the banks or intermediary institutions to which the notification has been made (Annex 2), The declaration to be used for the declaration of the assets to the tax office (Annex 3) and the petition to be submitted to the tax office (Annex 4) for the tax refund that can be obtained in the presence of the conditions after the assets abroad are brought to the country are included in the annex of the notification.

You can access the full text of the communiqué from the link below.

www.resmigazete.gov.tr/eskiler/2022/08/20220809-8.htm