Turkey's parliament passed an amnesty law on Wednesday aimed at reclaiming Turkish assets held abroad, estimated to be worth $100-130 billion.

The amnesty reduces the taxes on Turkish citizens and companies declaring foreign-held assets to only 2 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.

The legislation also guarantees that there will be no tax probes on newly declared assets.

AFP