Turkish tax amnesty generates $36.5 billion

Proceeds from a sweeping tax amnesty reached 58.3 billion Turkish Liras as of a May 31 deadline for applications, according to Turkish Finance Minister Mehmet Şimşek.

Şimşek said the tax amnesty was the most comprehensive one ever in the country, even encompassing university fees and overdue utility bills. The amnesty covered overdue taxes worth 36.5 billion liras, as well as unpaid social security premiums worth 21.8 billion liras, he said.

The figures came well above initial estimates of a total of 41.6 billion liras.

Şimşek said over 5.1 million defaulters applied for the amnesty, which allowed defaulters to pay overdue debts at a minimal interest rate in installments over a three-year period.

This latest amnesty also forgives the penalties that have accumulated.

Şimşek said the government planned to spend a large part of the amnesty revenues to reduce public debt stock.

"The last application for amnesty came minutes before midnight on May 31," he added.


/Hurriyet Daily News/