Turkish Treasury expects 22.7 billion TL from tax amnesty

A sweeping tax amnesty in Turkey could generate proceeds of as high as 22.7 billion Turkish liras (nearly $15 billion), plus 18.9 billion TL from unpaid social security premiums, Turkey's finance minister has predicted.

The amnesty, the most comprehensive one ever in the country that even covers university fees and overdue utility bills, allows defaulters to pay overdue debts with a minimal interest rate, and in installments over a three year period. It also forgives the penalties that have accumulated.

"This amnesty is a historic opportunity for the citizens. 3,250 thousand defaulters have appealed for the amnesty with tax debts worth of 43.3 billion TL have been restructured," Mehmet Simsek told Monday a televised interview.

Simsek said the government planned to spend a large part of the amnesty revenues to reduce public debt stock and a slight portion of it in research and development as well as
public infrastructure projects.


/World Bulletin/