Turkey: The Information Exchange Agreement Has Been Signed Between Turkey And USA Within The Scope Of Foreign Accounts Tax Compliance Act

It has been announced on the official website of the Directorate of Revenue Administration on July 30, 2015 that the “Agreement on Increasing International Tax Compliance through Extended Information Exchange” was signed in Ankara between Turkey and USA within the scope of Foreign Accounts Tax Compliance Act (“FATCA“).

Under the abovementioned agreement, exchange of certain information becomes possible between two countries in relation to American citizens having an account in the financial institutions operating in Turkey and certain information in relation to Turkey resident account holders in the financial institutions operating in the USA.