Turkey: Tax Administration introduces law aimed at attracting offshore assets

Global Watch ()

The Turkish Tax Administration has introduced an 'amnesty law' aimed at attracting cash (including foreign currency), gold, securities, other capital market tools, movable assets and immovable assets located outside of country into Turkey. If the offshore assets are held as of April 4, 2013 and can be appropriately documented, they can enjoy preferential tax treatment when brought into Turkey on or after May 29, 2013.