On 18 May 2018, Turkey published Law No. 7143 of 11 May 2018 in the Official Gazette, which provides for a new tax amnesty regime. The amnesty is available for most types of public receivables including taxes, customs duties, social security, administrative fines, late payment interest and penalties, etc. Key points include:

• Taxpayers are allowed to restructure and settle their outstanding tax debts and other public receivables as of 31 March 2018, with a reduction in penalties and interest (reduction depends on receivable type) and the option to pay a lump-sum or up to 18 installments over a 36-month period;
• Taxpayers may shield their accounts against potential tax audits by voluntarily increasing their corporate tax, value added tax and/or withholding tax bases previously declared for 2013 to 2017 and paying tax based on the increase;
• Taxpayers may voluntarily disclose and repatriate offshore assets subject to a 2% tax, provided the assets are disclosed by 30 November 2018;
• Taxpayers may voluntarily correct their accounts, including accounts related to cash balance and receivables that are not present in the enterprise but shown in their balance sheets as of 31 December 2017, with an additional tax of 3% due on the declared amounts and no additional interest or penalties.

In general, applications should be made by the end of July 2018 in order to benefit from the amnesty regime.