In general, the Omnibus Law (Law No. 6111) regulates the restriction of unpaid taxes until 31 December 2010, restructures public receivables and introduces amendments primarily regarding tax and social premium receivables. Accordingly, the Omnibus Law regulates taxes and tax penalties, interest on default and default fines concerning such tax liabilities related to the period prior to -and including- 31 December 2010 and to declarations that should have been submitted (for declaration based taxes) before –and including- 31 December 2010, tax liabilities for the year 2010 and accrued prior to –and including- 31 December 2010 and penalties, default interest and default fines related to such tax liabilities, tax penalties related to the main tax liabilities and other certain public receivables regarding the determinations made prior to the date of 31 December 2010.

The Omnibus Law also envisages that those who have previously made respective declarations, but have not brought their assets to Turkey timely will by no means be subjected to any tax examination or tax assessment with regard to the terms prior to the date of 1 January 2008, on the condition that such persons either bring their assets in cash, foreign currency, gold, security and other capital market instruments into Turkey, or transfer the said to a respectively opened bank account in Turkey no later than two months after the effective date of this Omnibus Law. Taxpayers who wish to benefit from the provisions of the said Law should submit an application to the relevant tax administration bythe actual ending of the second month following the date of its promulgation. (Since the second month following promulgation is April, taxpayers would normally have until the last day of April for such applications. However, since the last day of April and the first day of May are not business days, the due date for the submission of such application is 2 May 2011.) A taxpayer who applies for the Omnibus Law but fails to pay the related instalments (i.e. reduced amounts of tax or a tax penalty under Law No. 6111) loses his right for any reductions or write-offs under the amnesty brought by the Amnesty Law and will have to pay all taxes, tax penalties and interest as before and, in some cases, with additional penalties.