How will the operation of the peace of wealth be?

The Revenue Administration clarified the functioning of the Asset Peace application, which is included in the 50th article of the law on making changes in the civil servants law no. 7417 dated 1 July and the decree law no. 375.

The general communiqué on bringing certain assets into the economy, published in today’s issue of the Official Gazette, includes explanations regarding the registration of real and legal persons, foreign and domestic assets by bringing them into the country, in line with the relevant provisions of the temporary article 15 added to the corporate tax law with the said article.

Accordingly, real and legal persons will be able to benefit from the international and domestic Wealth Peace application until 31 March 2023, in line with the relevant provisions added to the corporate tax law, by notifying or making a statement to banks or intermediary institutions in Turkey. No declaration will be made to the tax authorities regarding these assets. Notifications can also be made by authorized proxies or legal representatives.

Gradual tax application

A tax of 1% for the notifications made until September 30, 2% for the notifications made between October 1 and December 31, and 3% for the notifications made until March 31, 2023, will be collected in advance on the value of the declared assets in accordance with the relevant legal provision.

In this context, real and legal persons will submit a single notification for money, gold, foreign exchange, securities and other capital market instruments abroad, and assets used in closing foreign loans and capital advances. Corrections can be made in the declaration within the same month of notification. In corrections to be made in this direction, the portion of the tax paid in advance, corresponding to the reduced amount, can be returned to the notification owner by the bank and intermediary institution.

If the declared assets are kept in accounts in banks and intermediary institutions in Turkey for at least 1 year, the tax rate will be zero and the advance taxes paid within this scope will be refunded upon the application of the relevant person.

Declaration of assets located in Turkey

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 will be included in the scope of application by declaring them to tax offices or electronically until 31 March 2023.

Those who do not have income and corporate tax liability will also be able to benefit from the application. These persons are required to deposit their assets, other than real estate, into accounts opened in banks or intermediary institutions as of the date of declaration and document this situation. A tax of 3% will be collected by the tax offices on the values ​​of the assets declared to the tax offices.

The provisions regarding depreciation in the tax procedure law will not be applied to the assets that are transferred to the legal book records by making a notification or declaration. The paid taxes cannot be written off as an expense and cannot be deducted from any other tax.

Assets need to be brought into the country within 3 months

The assets subject to the notification; It is brought to Turkey or transferred to Turkey within three months from the date of notification, the levied tax is paid on time, the assets are recorded in the legal books by the taxpayers who keep the books and a special fund account is opened for these assets, this fund account and assets are not withdrawn from the business before 2 years and the fund If the account is not used for any purpose other than adding to the capital, no tax examination and assessment will be made regarding the amounts subject to the declaration.

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