In an assessment of the new double taxation agreement signed between Turkey and Luxembourg, Şimşek noted that this new agreement will allow Turkey to access information on Turkish taxpayers' saving accounts in Luxembourg banks. Şimşek said Luxembourg used to restrict access to account information until recently, noting that in compliance with decisions made at the G-20 meeting in Pittsburgh, Luxembourg agreed to exchange financial information on records, carrying the country out of the international financial gray zone.
“The age of secret banking in Luxembourg is over," said Şimşek, adding that they are planning to sign similar agreements with other countries like Switzerland and Austria in a bid to prevent tax evasion.
Şimşek also called on Turkish citizens to benefit from the wealth amnesty campaign, which has been extended until the year's end. He added that this is the last chance for citizens who may have assets hidden abroad to declare them, consequence-free, before the government cracks down on those who attempt to evade Turkish taxes by stashing their wealth abroad.
Şimşek stressed that everyone is obliged to pay taxes on their assets, whether inside or outside the country, at a reasonable rate and warned those who refused to pay, saying that they would have to face the consequences. Following the wealth amnesty, a close tax scrutiny is on the way, the minister stated, warning lawyers, doctors and pharmacists in Turkey.
