Legal AlertGeneral Communiqué on the Inclusion of Certain Assets to the Economy Is Published.

14 December 2020

The Law on Restructuring Certain Receivables and Amending Certain Laws (“Law”) numbered 7256 has been published in the Official Gazette dated 17.11.2020 and numbered 31307. Subsequently, in order to determine the procedures and principles regarding the implementation of the provisions of the provisional article 93, added to the Income Tax Law numbered 193 with Article 21 of the Law, General Communiqué on the Inclusion of Certain Assets to the Economy (Serial No: 1) (“Communiqué”) has been published in the Official Gazette dated 28.11.2020 and numbered 31318 by the Ministry of Treasury and Finance. The aforementioned Communiqué includes explanations on bringing money, gold, foreign currency, securities and other capital market instruments abroad belonging to real and legal persons’ to Turkey, and the process regarding money, gold, foreign exchange, securities and other capital market instruments owned by income or corporate taxpayers and held in Turkey, but that have not been included in the legal book records and immovable being notified to tax offices in order to be recorded in legal book records, for the purposes of including said assets in the national economy.