IRS has announced
that the Competent Authority Agreement between the United States of America and
the Republic of Turkey has been signed as of 24.11.2021. With the
signature of the DTC CAA; the United States of America will automatically
exchange the Country by Country Reports (CBCR) with the Republic of Turkey. The
Turkish affiliates of US Multinational Enterprises (MNEs) will not be required
to locally file 2020 CBCRs to Turkish Revenue Administration (TRA). The Reports
will be automatically shared by IRS with the TRA. This is an important
development which will ease the compliance burden of Turkish subsidiaries
of US MNEs in Turkey.
Please find below the link for the detailed information regarding the Agreement.