Friday, July 8, 2016
Baker McKenzie reports: 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.
Read the full B&M report here.
Comment: I'd be interested to here your thoughts about whether some EU non-compliant taxpayers might take up residence in Turkey, declare and become compliant, and then return back to their original residencies in a couple years? I liken it to when the UK encouraged its non-compliant folks to come through the Lichtenstein cleansing program wherein for a full declaration and a pre-determined penalty, a EU resident could "get a fresh start".