Presidential Decree no: 5058 published in the Official Gazette dated 31.12.2021, had extended the deadline determined in Temporary Article no:93 of Personal Income Tax (PIT) Law until 30.06.2022.The article publicly known as “Repatriation of Capital” is providing real persons and legal entities the opportunity to report their money, gold, foreign currency, securities and other capital market instruments from abroad to the banks and brokerage firms in Turkey. They have the right to use this capital freely. 

Unlike previous similar articles, this article doesn’t require any tax to be paid for the repatriated capital. These money, gold, foreign currency, securities and other capital market instruments should be brought to Turkey and transferred into accounts of banks and brokerage firms in Turkey in a 3 month period after the reporting date. These capital could also be used to pay off the debts (debts present in legal books as of 17.11.2020) to foreign banks and financial institutions until the date 30.06.2022. There is not an obligation to bring this capital to Turkey.

Personal income taxpayers and corporate income tax payers can report abovementioned capital which are not present in the legal records to the Tax Administration until 30.06.2022. Tax payers can include this capital in their business records or withdraw it. The reported capital will not be included in the taxable income. For the repatriated capital, there will not be any tax investigation or tax assessment.