General Communiqué of the Turkish Revenue Administration on the Introduction of Some Assets to the National Economy Series No. 1 (the “Communiqué”) has entered into force upon being published in the Official Gazette No. 31318 dated 28.11.2020 pertaining to the provisional Article 93 of Income Tax Law No. 193 (the “Law”) added through the amendment of Article 21 of the Law on Restructuring Some Receivables and Amending Some Laws No.7256.
Within the scope of Provisional Article 93 added through the amendment dated 11.11.2020 on the Law; it has been made possible to freely act on assets by natural and legal persons, namely cash, gold, currency, securities and other capital market instruments acquired abroad, within the framework of the principles set forth in the Article, provided that these assets are notified to a bank or brokerage firm in Turkey by 30.06.2021.
Pursuant to the regulation under Provisional Article 93 Paragraph 8, The Ministry of Treasury and Finance has been authorized to determine the procedures and principles for bringing relevant assets to Turkey and for the implementation of the provisions of the Article. On the basis of such authorization, Turkish Revenue Administration has prepared the Communiqué which aims to introduce certain assets acquired abroad such as cash, gold, currency, securities and other market instruments and to record related assets acquired domestically but not present in the statutory books. In this regard, the registration of assets that fall within the scope of the Law and are acquired domestically and abroad has been provided.
Important advantages of recording the assets under the Communiqué are that; tax audit, calculation and assessment will not be conducted for the relevant assets and the persons can freely act on the assets. However, certain conditions are stipulated for tax audit and tax assessment. Within this scope, while the assets subject to notification should be introduced in Turkey or transferred to an account held in a bank or brokerage firm in Turkey 3 months within the date of notification, Assets that are located in Turkey and subject to notification, other than real estate, should be proven with a document that they are deposited in accounts in banks or brokerage firms.