The Law regarding "The Restructuring of Certain Receivables" – also known as Tax Amnesty, which also includes the restructuring of public receivables in many various tax types, has come into effect with the publishing of Official Gazette dated 18th of May 2018. Details in regards are to be provided with the provisions which are expected to be announced by the relevant authorities and institutions.

In general terms; the regulations have been made towards specified receivables, unascertained receivables or receivables in the case before the courts, taxes under investigation, tax base increase and inventory and record corrections. You can find further details on the receivables and the reconstruction applications of such receivables in detail below to this informative article.

1. The Receivables Subject to Restructuring
   • Taxes and tax penalties within the scope of the Tax Procedure Law.
   • Customs taxes and administrative fines
   • Insurance premiums and fines
   • All kinds of interest, fee, late interest, late fee, delay penalty regarding these receivables that are restructured within the scope of this law.
2. The Respective Authorities that are concerned with the Receivables subject to Restructure Applications
   • Ministry of Finance
   • Ministry of Customs and Trade
   • Municipalities
   • Social Security Institutions
   • Other Institutions (Directorate General of Highways, Radio & Television Supreme Council, Immigrations and Civil Registry Offices, etc.)

Obligation to Obtain the Tax Plates

The tax plates for the taxpayer workplaces which have been created electronically and transferred to the e-tax offices in accordance with the Corporate / Income Tax Declarations shall be printed until the end of May either by the authorized persons of the entity, by the certified public accountant or by the sworn certified public accountant operating with the entity.

For the workplaces which are obligated to poses tax plates but failed to obtain the new tax plates, will be liable to an administrative penalty fine in accordance with the Tax Procedure Law, in cases where this incompliancy is realized in case of an audit held by the authorities.

The tax payers shall register and create the new tax plates either by logging into the system themselves (if liable to full approval) or with the assistance of their CPAs.

In the General Assembly, the Article 17 of the "Draft Omnibus Bill" on Law on Making Amendments on Certain Laws has been approved on the date 21.03.2018.

In addition The Omnibus Bill Law on the retrospective benefits from the incentives and relevant supports have been approved and announced on the 30373 numbered Official Gazette dated 27.03. The relevant law will be applicable following the month of acceptance, in other words will be applicable as of May 1, 2018 and will be valid until the end of May 2018.

Within the one-month period as of the announcement date on the Gazette, the workplaces that do not apply for the relevant incentive benefits, will lose the right to obtain the retrospective incentives. There is a foreseen excessive workload on the SSI systems and this might lead to issues with submitting declarations along with heavy trafficing on the systems. Therefore, it is crucial for the workplaces to identify the retrospective incentives that can be benefited, at the soonest.

The Law numbered 7099 on Amendments to Certain Laws with the Intention to Improve the Investment Environment entered into force upon its publication in the 30356 numbered Official Gazette dated 10 March 2018. The Law numbered 7099 is intended to improve processes in the amended areas along with the reduction of expenses which are paid in this respect.