Turkish FinMin Simsek: EUR 26bn worth of assets and funds declared under wealth amnesty.

By bne IntelliNews November 25, 2013

A total of TRY 68.9bn (EUR 26bn) worth of funds have been declared under the wealth amnesty scheme as of November 19, finance minister Mehmet Simsek said. The government is supposed to collect TRY 1.4bn tax from the declared funds. Parliament passed a bill in May, known as the wealth amnesty law, to lure back funds which Turkish companies and citizens keep abroad. Declared assets are subject to a 2% tax.

The actual inflow inflows amounted to TRY 8.5bn and the government collected TRY 170mn tax from repatriated funds, Simsek also said. Deputy PM Ali Babacan had estimated the amount of the funds held by Turkish citizens and corporations abroad at USD 130bn of which USD 50bn are believed to be parked in US Treasury bills.

It was previously reported that the Turkish government targets to raise USD 30bn in revenue from the wealth amnesty programme.

The authorities used a similar amnesty scheme in 2009 when TRY 50bn worth of assets were declared but the actual inflows were only around TRY 30bn.

Simsek also said that the government raised TRY 1.5bn from the sales of deforested lands. 

Related Articles

Erdogan ‘win’ and ‘loss’ scenarios assessed by analysts ahead of June 24 polling day in Turkey

This weekend’s June 24 elections in Turkey are likely to be the tightest in the country in many years ... more

High net worth Turks and capital flee Turkey as prospect of Erdogan Mark II nears

Turks are joining foreign investors in shifting their assets—and in many cases themselves—out of the country amid fears for their money and security should President Recep Tayyip Erdogan win more ... more

Simsek: Better policy mix and reforms will help secure soft landing for Turkey

Turkey's strengthening fiscal and monetary policy mix and reforms should help secure a soft landing for its economy, Deputy Prime Minister Mehmet Simsek said on June 12. Ex-Wall Street banker ... more

Dismiss