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Turkey passes “wealth amnesty” law

Issues

The Turkish Parliament passed a “wealth amnesty” law late on Tuesday designed to lure back funds held abroad by affluent Turks without punitive taxes and fines. Under the legislation, Turks will pay just 2% on eligible funds, avoiding taxes that could otherwise reach 30-40%. They will also avoid an investigation into whether the wealth was generated in Turkey and improperly kept overseas. In order to benefit from the amnesty, Turkish individuals or companies will be obliged to declare their wealth before the end of July. Turkey last used such a program in 2009 to help mitigate the effects of the global financial crisis, drawing backing about TRY 50 billion ($28 billion at current exchange rates), Reuters wrote.

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