Duvar English

Turkey is set to receive information on its citizens’ assets in foreign countries as part of an agreement it signed in OECD and G-20 meetings that aims to prevent tax evasion in accordance with the Standard for Automatic Exchange of Financial Information in Tax Matters.

According to the Multilateral Competent Authority Agreement (MCAA) that stipulate the automatic exchange of financial account information, the said exchange will be carried out by the end of September the latest each year.

The system, which came into force in Turkey on Jan. 1 after it was published in the Official Gazette, enables the automatic notifying of financial information of foreigners, including their accounts, interests gained, profit shares and commercial gains, without the need for several bilateral agreements to be concluded.

It also contains provisions that would make it easier to implement automatic exchange of country-by-country reports on the tax affairs of multinational corporations with other countries’ tax administrations according to action 13 of the OECD/G20 base erosion and profit shifting (BEPS) project.