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.