THE SIGNED ARRANGEMENT BETWEEN THE COMPETENT AUTHORITY OF THE UNITED STATES OF AMERICA AND THE COMPETENT AUTHORITY OF THE REPUBLIC OF TURKEY ON THE EXCHANGE OF COUNTRY-BY-COUNTRY REPORTS HAS BEEN APPROVED WITH THE 5191 NUMBERED AND 13.02.2022 DATED PRESIDENCY DECREE PUBLISHED IN THE 14.02.2022 DATED OFFİCIAL GAZZETTE AND IT IS CURRENTLY IN FORCE.
The Competent Authority Agreement between the United States of America and the Republic of Turkey which allow the automatic exchange of Country by Country Reports between countries have been signed by Turkey as of 17.11.2021 and by the USA as of 24.11.2021. The internal approval processes were pending in order for the Agreements to be in force. The said agreement has been now approved with the 5191 numbered and 13.02.2022 dated Presidency Decree published in the 14.02.2022 dated Official Gazette and the agreement is in force now. With the signature and approval 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 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.