Number: 69
Date: 30/05/2018

Title:

Statement from the Revenue Administration on meeting the requirements for CRS reporting until 30 June 2018.

The Revenue Administration issued a statement on doubts and questions arising from compliance to the procedures of “Foreign Account Tax Compliance Act (FATCA)” and “The Guidance for Residency and Due Diligence”.

Through the statement it’s indicated that the CRS XML Scheme User Guide designed for notifications to be sent within the scope of “The Guidance for Residency and Due Diligence” has been released via the BTRANS system on 24 April 2018 and the requirement for financial institutions to send their notifications in line with the directions until 30 June 2018.

Regarding the FATCA, the Administration acknowledged that Agreement between Turkey and the US to Improve International Tax Compliance through Enhanced Exchange of Information was signed on 29 July 2015. It has been indicated that the ratification of the Agreement was considered appropriate by the TGNA on 25 February 2016 and approved by the BKK dated 19 September 2016 no.2016/9229. Finally, the Administration stated that the studies on the subject are going on.

Our explanations provided above include general information on the issue. No responsibility can be claimed against EY and/or Kuzey YMM ve Bağımsız Denetim A.Ş. due to the implications arising from the context of this document or emerging with respect to its context.
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