Nexia Turkey-AS CPA and Auditing Co, has carried out seminar series on the New Tax Amnesty Law.

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The Turkish government took a huge step in tax collection with the new Law on Restructuring Several Receivables and Amending Social Security and General Health Insurance Law and Some Other Laws and Statutory Decrees. The  Law has been published in the official gazette on 25.02.2011 and the submission period will be expired on the 02.05.2011

The New Law considered a Tax Amnesty in Turkey allows for a large scale settlement of existing fiscal liabilities, reducing penalties and interests as well as providing an immunity against a potential tax audit.

The main purpose of the law is to increase the collection of tax by allowing taxpayers to avoid tax litigations and assessments for the years within the scope, provided that they pay an additional amount of Value Added Tax (“VAT”), Income Tax, Corporate Tax, some of the Withholding Income Taxes computed based on their existing liability

It also allows taxpayers to adjust their financial statements related to the inventories, cash and receivables from the shareholders and to pay the related taxes due with no penalty

Nexia Turkey-AS CPA and Auditing Co. has organized several seminars at Organized Industrial Sites and The Marmara Istanbul Hotel in order to create awareness in the market.

During the seminar, Nexia Turkey Tax partners Erdal Aslan and Aysel Keleş presented about the new regulations that the new Law will bring to the firms operating in Turkey.