Turkey wins $31.5 billion from repatriation law

The law on repatriation of capital, a move made by the Turkish government to stimulate country's economy, has drawn savings of 47.3 billion TL (app. 31.5 billion USD), Turkey's finance minister announced on Monday.

The parliament enacted the law in November 2008 which was in force until the last day of 2009 in two periods.

Mehmet Simsek told a press conference that 26.9 billion TL of this amount was brought from abroad. He said 20.3 billion TL was assets of Turkish people living inside the
country.

Turkish tax authority collected 1.5 billion TL from these returns, Simsek said.

"Cash repatriation was a practice to ease, at least, financial impacts of global crisis. So, it has been successful," Simsek said.

"Turkey has not faced a financing problem although the world had seen the worst crisis in last 60 years," he said.

/World Bulletin/