Tax Alert 2014/5  
     
 
 
 

THE NEW OMNIBUS BILL BECOMES EFFECTIVE AS OF SEPTEMBER 11, 2014


The Law regarding the amendments on Labor Law, Certain Laws and Statutory Decrees and the Restructuring of Certain Receivables (“Omnibus Bill”) (Law No.6552) (published in the 1. repeating Official Gazette dated September 11 2014, No. 29116) has been approved by the Grand National Assembly of Turkey on September 10, 2014 and has generally, entered into force on September 11, 2014 upon its publication in the official gazette. Certain articles listed under Article 145 of the Omnibus Bill may enter into force on different dates. However, the tax related regulations, which compose the subject matter of this newsletter, have entered into force as of September 11, 2014. Within the scope of the Omnibus Bill, there are also several tax related regulations, some of which either extends or limits the scope of certain tax exemptions. However, it is noteworthy that, the Omnibus Bill provides the taxpayers with the opportunity to restructure their public debts (including tax debts) in the presence of Turkish tax and other authorities.

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