tax amnesty tagged posts

Turkish Tax Amnesty a Booming Success

August 2, 2013 Taxation in Turkey

TurkeyANKARA – The Turkish government has extended the period of a tax amnesty program by two months, after it led to a TRY 1 billion rise in tax revenues.

Over the last two months, Turkish taxpayers have utilized a tax amnesty program to declare more than TRY 50.5 billion worth of assets, capitals and funds previously hidden abroad, according to a statement issued on August 1st by the Turkish Ministry of Finance.

Due to the success of the amnesty, the Turkish government has announced that the program will be extended by another two months to October 31st, despite originally being scheduled to end on July 31st.

Under the conditions of the the current tax amnesty, Turkish taxpayers declaring and returning any previously undisclosed assets or capitals hidden abroad will pay a tax of only 2 percen...

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Cyprus Looking at Tax Amnesty

July 19, 2013 Taxation in Cyprus

La quêteNICOSSIA – Cyprus intends to boost liquidity of the national financial system via a tax amnesty encouraging taxpayers to bring back any funds hidden overseas.

On July 18th the spokesperson for the government of Cyprus Christos Stylianides announced that new legislation is currently being drafted to introduce a tax amnesty on the repatriation of any assets and funds hidden abroad by national taxpayers.

The full details of the proposed amnesty are expected to be tabled in front of the House of Representatives within the next two weeks, and, if approved, would come into effect immediately.

Under the tax amnesty program, national taxpayers will be pardoned for any income taxes owed on the undeclared funds hidden abroad, on the condition that the capital must be repatriated back into the countr...

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Tax Amnesty Launched in Pakistan

June 12, 2013 Taxation in Pakistan

Tax Amnesty in PakistanISLAMABAD – Pakistan is offering a new tax amnesty in a last ditch effort to meet its own annual tax revenue targets.

On May 11th the Federal Board of Revenue of Pakistan (FBR) revealed that it has launched a new tax amnesty program aimed at individual taxpayers who have not yet met all of their tax filing obligations.

Under the conditions of the new amnesty, accrued tax penalties, fines and interest charges will be waived for taxpayers who pay off all taxes and duties owing by June 30th.

The amnesty will not be available to taxpayers who are under investigation for tax evasion, tax fraud, or any related criminal activity.

The amnesty is intended to help the FBR reach its tax revenue target for the year, which is now set at PKR 2 050 billion, after having been revised downward twice this...

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Turkey Eyes Repatriation Tax Break

April 26, 2013 Taxation in Turkey

Recep Tayyip ErdoganISTANBUL – Turkey is looking to claw back over TRY 130 billion in funds via a new amnesty program which encourages reparation of funds which are currently held overseas.

On April 24th a new bill was tabled in the parliament of Turkey, setting out a proposal to enact new regulations for the repatriation of capitals and assets held overseas by Turkish taxpayers.

Under the newly proposed rules, funds brought into the country by local taxpayers will be taxed at only 2 percent.

According to the Prime Minister of Turkey Recep Tayyip Erdo?an, the government will not conduct investigation into the source of funds when they are declared, and no further investigations will be launched in the future in regards to the repatriated capitals.

It is expected that the loosened rules will lead directly to t...

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Tax Amnesty Flounders in Spain

December 3, 2012 Taxation in Spain

Tax Amnesty in SpainMADRID – Spain’s latest tax amnesty scheme has ended on a disappointing note, not even reaching half of its revenue target.

On December 3rd the Ministry of Finance of Spain released a statement announcing that its recent tax amnesty program has raised an additional EUR 1.19 billion in tax revenues for the debt stricken country, with participants declaring an average of EUR 37 800 of previously hidden assets and incomes each.

The tax amnesty program ran from June to November this year, and allowed Spanish taxpayers to officially disclose information about their undeclared assets to tax authorities in exchange for paying a reduced tax rate of only 10 percent on the previous five years of hidden income.

Taxpayers who took advantage of the amnesty program were also provided protection from cr...

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