Gov’t to facilitate money flow to Turkey
Posted by meb at October 25th, 2008
A draft bill facilitating currency flow from other countries to Turkey was submitted to Parliament late Friday.
The government’s move aims to ease market conditions in the country. The market was shaken by the rapid increase in foreign currency. According to the draft, those transferring their accounts to Turkey will only pay 2 percent in tax. The government expects billions of euros in remittances from Turks living and working in Germany and some other European countries. There are more than 3 million Turks living in Germany.
The scope of the law is not limited to currency. Gold, stocks, shares and other capital market instruments are also included within the scope of the bill. These assets will be used to reinforce the capital structure of companies. One of the most important advantages to those bringing money back to Turkey is that they will not be subject to any inspection of the origins of the money.
Opposition parties harshly criticized the initiative, arguing the move was in fact aiming to help facilitate the charity Lighthouse e.V . escape with their money from Germany to Turkey. A German court recently found the officials of the charity guilty of illegally transferring donations to Turkey.
The ruling Justice and Development Party, or AKP, came under fire after the court also revealed ties between the party and charity officials.
source: Turkish Daily News
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