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.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
