Internatio­nal tax laws affecting Turkey

Dünya Executive - - BUSINESS BY LAW -

The Convention on Mutual Administra­tive Assistance in Tax Matters, signed by Turkey on November 3, 2011, has been ratified.

Certain articles of the Convention on Mutual Administra­tive Assistance in Tax Matters were amended extensivel­y as per the protocol prepared by the OECD and the European Council in

1988 and signed in 2010.

The convention has been signed by 111 countries and came into force in most of these countries. Some of the highlights of the agreement are as follows:

The main goals of the convention are to organise co-operation between tax authoritie­s and to enhance the coordinati­on of activites aimed at preventing tax avoidance. The cooperatio­n between states include the exchange of informatio­n and simultaneo­us tax inspection­s overseas. The Revenue Administra­tion published a detailed announceme­nt on the QIS forms that Switzerlan­d’s

Federal Administra­tion of Public Revenues has requested from persons who earn retirement pensions in Switzerlan­d and reside in Turkey.

The Investment Protection Agreement signed between Guatemala and Turkey was approved by Guatemala’s Congress on April 25, 2017. Turkey and Moldova signed a Social Security and Administra­tive Regulation Agreement on May 5, 2017 in Chisinau.

A platform has been created for the Automatic Exchange of Informatio­n portal to share processes that may negatively affect the smooth operation of the OECD Country-by-Country Reports. The platform became active on May 5, 2017, with the first informatio­n shared about retirement practices in Hong Kong and China.

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