Turkey's Revenue Administration has announced the publication of Law No. 7326 on Restructuring Public Receivables and Amending Certain Laws. The law was published and entered into force on 9 June 2021.

The main measures of the law are for a new tax amnesty regime for outstanding public receivables including most taxes, customs duties, social security, administrative fines, late payment interest and penalties, etc. In general, the regime covers public receivables accrued up to 30 April 2021. Similar to prior amnesty regimes, the latest regime provides that taxpayers are exempted from the requirement to pay 100% of the tax penalties that are based on the outstanding amount due and 50% of the penalties for irregularities (not based on the amount due). Further, instead of being subject to default interest and the like, amounts due are adjusted based on the monthly rate of change in the domestic producer price index. Taxpayers may also be shielded from potential tax audits by voluntarily increasing their tax base if fulfilling certain conditions.

Applications for the regime must be made with the relevant administration by 31 August 2021. The payment of amounts due under the regime may be made in one lump sum or in installments over 36 months in two-month periods (up to 18 installments). The lump sum or first installment payment is due by 30 September 2021, although for social security, the initial payment deadline is 31 October 2021. Certain additional discounts are provided if paid in full in one lump-sum or within two installments.

The regime also includes measures for taxpayers to voluntarily correct their business records (accounts), including the declaration of assets in the enterprise but not included in the records. Measures are also included for the revaluation of immovable and depreciable economic assets until 31 December 2021.