Asset Peace Published in Official Gazette: 20-Year Tax Exemption for Foreign Income

The new law containing tax regulations has been published in the Official Gazette and entered into force. Within the scope of the regulation, the asset peace practice has been implemented, granting a 20-year tax exemption to those who bring their assets abroad to Turkey. This step aims to attract foreign capital into the country. The law also extends the deferral period for public receivables and increases the duration of tax and duty incentives for the Istanbul Financial Center. These regulations aim to enhance the competitiveness of the financial sector and encourage investments. The asset peace practice stipulates that real and legal persons who bring their money, gold, securities, and other assets held abroad to Turkey will not incur any tax liability for 20 years. During this period, the income generated from these assets will also be covered by the exemption. The regulation is particularly important for bringing accumulated capital abroad into the Turkish economy and strengthening financial stability. Details of the implementation and application processes will be announced by the relevant institutions. This is not investment advice.