Turkey to grant new tax amnesty for Turkish residents' assets abroad
As a part of the global move toward greater transparency in tax reporting and collection, in recent years Turkey has accelerated work on the automatic exchange of information with the tax authorities of other countries within the scope of common reporting standards. With this increasing transparency, a tax amnesty for undeclared assets abroad owned by individuals resident in Turkey has long been expected. The government has now taken the first step, preparing a comprehensive draft law, including a tax amnesty which would enable taxpayers to bring their assets located abroad to Turkey tax free. On June 24, 2016, the government submitted the draft, entitled the "Law Amending Certain Laws to Improve the Investment Climate", to the Turkish Parliament for adoption.