Turkey Joins Global Tax Crackdown With ‘Last Exit’ Amnesty
29 Jul 2016

A proposed amnesty will provide Turks with a final tax-free opportunity to repatriate money held overseas ahead of the culmination of a G-20 effort to shut global loopholes, according to Finance Minister Naci Agbal.

“All countries are now passing regulations to bring back money held by their own nationals before 2018,” Agbal said in an interview on Thursday, referring to the year in which Group of 20 leaders have pledged to introduce a mechanism for countries to share intelligence on tax avoidance. “This is the last exit before the bridge.”

The planned law, which is under consideration in Turkey’s parliament, will allow Turkish and non-Turkish nationals to bring funds held abroad into Turkey without having to pay any taxes, Agbal said at his office near the parliament in Ankara. “After 2018, all countries will exchange information” on individuals and corporations, he said.

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