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    Turkish gov't offers incentives, tax cuts to attract citizens funds abroad

    HotNewsTurkey with wires
    14.10.2008 - 12:58 | Son Güncelleme:

    The Turkish government has mapped out the details of the incentives that would attract its citizens funds held in foreign banks. Those incentives include a symbolic tax and government assurance, state-run media reported Tuesday. (UPDATED)

    A draft law would give a three-month period to Turkish citizens to bring their money in foreign banks back to the country, AA reported citing officials. 

     

    Economists and analysts say such move would help to rescue Turkey from the global crisis and would create financial resources to help the real sector, which is expected to be hit hard by the economic turmoil.

     

    Turkish citizens holding money abroad will only pay a symbolic tax of 1-2 percent to encourage them to bring assets back, and those funds would be under government assurance, the AA added.

     

    There is no official data on the total amount of deposits Turkish citizens hold in foreign bank accounts; however, it is estimated to be around $100-150 billion in accounts of some 22,000 people.

     

    The draft law is expected to be submitted to the government this week, officials told AA.

     

    NO INSPECTIONS ON MONEY

    The draft law will include a clause stating that "no inspections will be carried out regarding the money brought to Turkey under the framework of this regulation," AA also said.

     

    Once the law comes into effect, Turkish citizens will either transfer their money to Turkey via banks or bring their money in suitcases within the determined period. They will then go to a bank and declare the funds, which will be registered and account holders will pay a small amount of tax.

     

    Finance Minister Kemal Unakitan had earlier confirmed that efforts were underway to attract Turkish-expatriate funds and the bill would be submitted to the council of ministers soon.

     

     

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