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Cash Repatriation still in effect in Turkey

Cash repatriation has been extended for another 6 months in Turkey.

Cash Repatriation allows natural and legal persons to repatriate their savings, gold and other movable properties.

The new extension can be used to complete the payments of credits at banks and financial institutions abroad by latest May 2019. In this manner, as long as they are deleted from the bookkeeping entry, possessions used to pay off the debt can benefit from this new regulation without the need to bring them to Turkey.

The presidential decision has been published in the official gazette. The decision has been published with the signature of vice President Fuat Oktay and it allows the extension of cash repatriation that makes it possible for natural and legal persons to repatriate their savings, gold and other movable properties within the frame of related provisions. Previously the last date for cash repatriation was 30 December 2018.

Turkish lira, gold, foreign currencies,  movable properties, non-movables and other capital market instruments owned by taxpayers who need to pay income and corporate tax but which do not have a bookkeeping entry can still be declared to tax offices by the month of May 2019.

 Aforementioned possessions that are to be declared will be able to have a legal bookkeeping entry regardless of periodic earnings. In this case, these possessions can be withdrawn without taking into consideration the calculation of taxable profit and corporate distributable profit. Possessions declared to tax offices will be taxed by 2 percent based on their value and this tax will be payable by the end of June.

Banks and intermediary corporations will also need to declare the %2 tax for the possessions declared to them by the end of June 2019 as the tax responsible party to the tax office with a declaration and they will pay them in the same time period.

Osman SEZER
Email: osman@thelondonpost.co.uk

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