On 19 August 2016, Turkey's new law for tax debt restructuring and amnesty (Law No. 6736) was approved by the Turkish president and published in the Official Gazette. The main provisions of the law include:

• Taxpayers are allowed to restructure and settle their outstanding tax debts and other public receivables as of 30 June 2016, with a reduction in the amount due and the option to pay a lump-sum or in installments (up to 18 over 36 months) - available for tax assessments,  customs duties, administrative fines, late payment interest and penalties, etc.;
• Taxpayers are allowed to disclose and repatriate offshore assets without any additional tax liabilities or restriction on the use of the assets in Turkey, provided the assets are disclosed by 31 December 2016;
• Taxpayers are allowed to close their accounts against potential tax audits by voluntarily increasing their corporate tax, value added tax and/or withholding tax bases previously declared for 2011 to 2015, with the additional tax resulting from the increase payable in a lump-sum or installments; and
• Taxpayers are allowed to 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 2015, with an additional tax of 3% due on the declared amounts; and
  • Accounts related to inventory and fixed assets that are physically present in the enterprise but not in the accounting records, or vice versa, provided the related value added tax (VAT), corporate tax, or other tax due is paid based on standard tax rules.

In order to benefit from the provisions of the law, taxpayers must generally complete the application process with the tax authorities by 31 October 2016.