Since the government has pushed the buttons regarding "assets peace," an influx of international funds is expected by Turkey as a law that introduces new privileges and relieves Turkish banks in terms of the sources of funds comes into effect.
With the approval of the Draft Law regarding the Amendments in Certain Laws for the Improvement of Investment Environment by the Parliament's Planning and Budget Commission, there will be no tax audits, tax assessments, inquiries or proceedings, so long as banks or intermediary institutions are informed by Dec. 31 of money, gold, currencies, assets and other capital market instruments held abroad by natural and legal persons and assessed by tax offices in Turkish liras,.
Banking Regulation and Supervision Agency (BDDK) President Mehmet Ali Akben said they expected assets peace to increase loan opportunities by providing the economy with fresh source entries and to therefore benefit the banking sector.
Stating that the banking sector had managed to steadily extend its credit portfolio over the past 15 years despite occasional political and economic uncertainties due to global financial crises, Akben noted that the real sector has maintained its position as the leading financing channel by keeping open loan opportunities.
