The general notification of the Revenue Administration of the Ministry of Treasury and Finance on the Recovery of Some Assets into the Economy was published in the official gazette.

With the notification, the principles and procedures for the implementation of “Varlık Barışı” in order to bring the money, gold, foreign exchange, securities and other capital market instruments of the real persons and corporation abroad into the national economy were determined.

With the arrangement, the domestic, but not included in the relevant records of money, gold, foreign exchange, securities and other capital market instruments and immovable property can be declared to the tax office by registering the legal book records. 

Accordingly, the assets located abroad until December 31, 2019 stating that the real persons and corporation to banks or brokerage houses in Turkey, said assets will be able to save freely.

Notification of the assets will be subject, provided it is brought into Turkey from the date of notification within three months, in terms of benefiting from the provisions of the said article that owned these assets abroad by what date does not find any significance. 

Foreign assets can be reported to banks or intermediary institutions for securities and other capital market instruments with the relevant form. Real persons and corporations, the tax authorities will not make any statement about the assets. 

Due to the reported assets, tax inspection and tax assessment will not be made under any circumstances. The payment at maturity of the tax in order to benefit from these provisions and assets, to be brought to Turkey within 3 months from the date of notification or where will be opened at banks or brokerage houses have to be transferred to an account.

Assets abroad, banks or financial institutions used abroad and registered in the statutory books as of July 19 can be used to close the loans until 31 December at the latest. In this case, they shall be deducted from the record books, brought to Turkey will not be a prerequisite for the property used for the payment of the debt. 

 But located abroad are converted into existence until the end of the scope of assets such as real estate that are not covered will be able to return to Turkey.