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Turkey Further Extends Disclosure Scheme for Certain Domestic or Foreign Assets — Orbitax Tax News & Alerts

Turkey's Revenue Administration has announced the publication of Presidential Decision No. 5058 of 31 December 2021, which extends the disclosure period for certain domestic and foreign assets under provisional (temporary) Article 93 of the Income Tax Law as introduced by the 2020 law on restructuring public receivables. Under Article 93, a voluntary disclosure scheme provides that the disclosure of certain domestic and foreign assets up to 30 June 2021 will be relieved from additional tax liability or tax examination, including cash, gold, foreign exchange, securities, and other capital market instruments. The deadline was previously extended to 31 December 2021 and is further extended by Presidential Decision No. 5058 to 30 June 2022.