ANKARA: Turkey's parliament passed an amnesty law on Wednesday aimed at reclaiming Turkish assets held abroad and estimated to be worth $100-130 billion (77-100 million euros).
The amnesty law reduces the taxes on Turkish citizens and companies declaring foreign-held assets to only two percent from 30-40 percent.
Turkish individuals and companies are obliged to declare their assets abroad ranging from cash, gold and currencies to properties, stocks and bonds by the end of July in order to benefit from the so-called "wealth peace" law.
The legislation also guarantees that there will be no tax probes on newly-declared assets.
Turkish individuals and companies possess up to $130 billion of assets (100.5 euros) abroad, according to experts.
The government of Prime Minister Recep Tayyip Erdogan is seeking to bring back Turkish wealth abroad to help bolster the country's fragile economy.
Although its economic expansion eased markedly last year, Turkey still posted growth of 2.2 percent, down from 8.8 percent in 2011.
The country currently ranks as the 17th biggest economy worldwide in terms of gross domestic product. (AFP)
