Turkey Tax Amnesty

[Eldubb]

Someone posted a while ago about the Turkish Tax Amnesty and how Turkey is actually almost a tax haven with this amnesty law. The thread is old and I'm not able to reach out to the person but maybe someone else here knows more about this?

From what I know, Turkey will allow you to bring money into the country and will ask no questions about the source as long as you pay 3% in tax. I'm assuming this is important for the Turkish government because there is no money in the central bank. Something they sorely need.
I would like to know if this can be used for someone's monthly income?
Is there a minimum amount needed to make use of this?
Is there a maximum number of times it can be used in a year?

If anyone has more details I'd like to hear from you.

 

[Martin Everson]

I can only find this below.

The new tax amnesty of Türkiye

A new tax amnesty program has been launched in Türkiye (Law No: 7440, published in the official gazette on 12 March 2023).

www.pwc.com.tr

 

[Eldubb]

Yes I read through the same thing but thought it might be a slightly different law provision.

On an new update, I just had a extremely fruitful conversation with someone who's been using the Tax Amnesty or "Varlik Barisi" in Turkish. I never knew Turkey was such a tax haven! Now that i know exactly what to do I'm excited now.

 

[WorldCitizen99]

Yes I read through the same thing but thought it might be a slightly different law provision.

On an new update, I just had a extremely fruitful conversation with someone who's been using the Tax Amnesty or "Varlik Barisi" in Turkish. I never knew Turkey was such a tax haven! Now that i know exactly what to do I'm excited now.

Can you link to whatever you are referring to? I had completely written off Turkiye based on what I saw in their tax summary sheets from Deloitte, which look like the typical awful high tax Western-type residency-based tax system on worldwide income.

https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/dttl-tax-turkeyhighlights-2021.pdf

 

[Martin Everson]

Turkey is a financial basket case. Even if it turned into tax haven it would never be s safe haven for any sensible person looking to protect their wealth. I like Turkey having been their several times and hope it succeeds due to its fair stance on global affairs and global order.

If you have any real details on the tax haven status of Turkey other than hearsay then please share it.

Saudi Arabia drops $5 billion in Turkey’s central bank to help its struggling economy​

Saudi Arabia drops $5 billion in Turkey's central bank to help its struggling economy

The news comes as Turkey struggles with an economy battered by years of high inflation and a recent series of devastating earthquakes.

www.cnbc.com

 

[Eldubb]

We will need to first wait and see if the Tax Amnesty Rule is renewed as it ended on March-31. In the past it was renewed every couple of years so many presume it will again but we'll have to watch for the ruling.