The Turkish government has begun receiving information on foreign assets of citizens as part of an international agreement aiming to prevent tax evasion, Dünya newspaper reported on Tuesday.
Turkey officially became part of the Multilateral Competent Authority Agreement (MCAA) as part of the Standard for Automatic Exchange of Financial Information in Tax Matters on Jan. 1, when the deal was published in the Official Gazette, Dünya said.
Developed by the OECD with G20 countries, the system represents the international consensus on automatic exchange of financial account information for tax purposes on a reciprocal basis, bypassing the need for the conclusion of several bilateral agreements.
Accordingly, Ankara will receive information on Turkish citizens’ accounts, gained interest, profit margins and commercial sales abroad for each year by the end of September, Dünya said.
Turkey signed off on the international agreement during an OECD meeting in 2014 and again in 2017, during a G20 meeting, when total of 51 countries signed the pact.
However, the stipulation for the agreement to be published in the Official Gazette to become effective wasn’t met until the beginning of the year, Dünya said.