Turkish parliament passes asset amnesty bill to draw investment
The Turkish parliament has approved a bill introducing broad tax incentives aimed at encouraging the return of undeclared foreign assets and boosting investment and foreign currency inflows.
The legislation, approved early on May 21, would exempt individuals who do not reside in Türkiye and transfer income earned abroad into the country from income tax for 20 years.
A similar exemption would apply to recent residents who have not been taxed domestically in the past three years, provided they declare and register their overseas assets by July 31, 2027.
The package also included corporate tax reductions, setting export earnings tax rates at 9 percent for manufacturers and 11 percent for other exporters. It expanded tax deductions for transit trade and increases incentives for firms operating within the Istanbul Financial Center.
