Category: Turkey
Turkey: new tax audit wave focuses on non-resident digital companies
Turkey’s government has initiated a new wave of tax audits scrutinizing the taxation of non-resident taxpayers engaged in the digital economy. ... - Continue reading
Turkey: Turkey Updates Rules On Double Taxation Prevention Treaties For Independent Professional Services
Turkey has clarified rules for taxing income derived from independent professional services (and similar activities) carried out within Turkey, by residents of countries which have double taxation prevention agreements with Turkey. The number of days a company’s employees spent in Turkey will now become the only basis for calculating the… – Continue reading
UK: Offshore Trusts With UK Beneficiaries Will Be Captured Under 4AMLD
4AMLDThe arm of the UK Government is likely to extend into offshore trusts where they contain UK tax paying beneficiaries. Whether or not this information will be linked at an EU level remains to be seen. Following the introduction of the EU’s 4th Anti-Money Laundering Directive (4AMLD), and recent G20… – Continue reading
G20 vows to push growth, backs India on International Monetary Fund reforms
“India’s concerns are known…there can be no compromise on the issue of terror…India’s longstanding position is that there is no good or bad terror and all forms of terrorism are unacceptable and must be fought by the global community as well as each and every country”, the source told reporters…. – Continue reading
“Azerbaijan can make significant contribution to G20” (exclusive)
Azerbaijan’s participation in G20 (the Group of Twenty) summit is of special importance for Turkey, a source in Turkey’s presidential administration told Trend Nov.11. The 2015 G-20 Antalya summit will be the tenth annual meeting of the G-20 heads of government. It will be held Nov.15-16 in Antalya, Turkey. Azerbaijan… – Continue reading
U.S. missing out to corporate tax havens
U.S. companies moved $500 billion to $700 billion in profits to countries with low or no corporate tax rates in 2012 alone, according to new research published by tax reform campaigners Tuesday. Tax avoidance on such a large scale means the U.S. accounts for about 71% of profits worldwide that… – Continue reading
Turkey’s G20 Summit approaches
Next week, G20 finance ministers and central bank governors will gather for their third meeting during Turkey’s presidency. With just two and half months until leaders assemble in Antalya for this year’s summit, these meetings give the G20 an opportunity to confirm 2015 outcomes and demonstrate that the G20 remains… – Continue reading
Ireland making ‘little or no’ effort to curb corruption – report
Ireland has made “little or no” effort over the past four years to create a corruption-free playing field for global trade, violating its “obligation to combat cross-border bribery”, reports the Irish Times. The Transparency International Exporting Corruption report, released on Thursday, found that Ireland, along with countries such as Russia,… – Continue reading
Turkey, US to sign financial information exchange deal: Minister
Turkish Finance Minister Mehmet Şimşek said the Turkish government and the United States administration will sign a deal on July 23 which will make financial information exchanges possible between the two countries, as a part of the efforts to fight against tax evasion, as reported by Anadolu Agency. “With the… – Continue reading
Turkey remains tax haven for footballers due to unfair tax system
Although this summer’s football transfer window has been one of the busiest ever, question marks have been raised once again over Turkey’s flawed tax system, under which multimillionaire football stars contribute a lower percentage of their salary to the state budget than public sector workers. The transfer window in Turkey… – Continue reading
Lawmakers ratify Agreements on Avoidance of Double Taxation
Lawmakers of The Gambia Tuesday considered and ratified two agreements on the avoidance of double taxation, signed between the Republic of The Gambia, the Republic of the Turkey and the State of Qatar. Tabling the motion before the House, Hon. Abdou Kolley, the minister of Finance and Economic Affairs said… – Continue reading
Turkey is Europe’s football tax haven
Turkey levies a 15 percent tax on footballers playing in the Spor Toto Super League and collects the second-lowest tax from footballers among European countries According to the Income Tax Law currently in force, footballers playing in the Super League pay a 15 percent tax while those playing in lower… – Continue reading
Turkish minister: Tax evasion like ‘fighting terror’
Major G20 tax event in Istanbul hears claims that fighting tax scams is ‘vital issue’ for developing nations ISTANBUL Fighting tax evasion is like fighting international terror, Turkey’s finance minister has claimed. Mehmet Simsek was speaking at an international G20 tax event in Istanbul on Thursday where he said that… – Continue reading
Global Tax Transparency Goes Live in 2016
Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is… – Continue reading
FBR to use cameras to stop tax evasion
ISLAMABAD: In a major move, the Federal Board of Revenue (FBR) has decided to install cameras on the premises of industrial units of five selected sectors — sugar, cement, fertiliser, beverages and tobacco — to gauge their real time production and stop billions of rupees tax evasion. This project, known… – Continue reading
Foreign landlords in Turkey need to file taxes by March 25
Where applicable, foreign landlords with property in Turkey are required to file tax returns to Turkish financial authorities by March 25 The tax treatment of income elements earned by foreigners from any source of income usually tops the international tax agenda and is extensively debated worldwide by experts, academics and… – Continue reading
ICC calls on G20 Finance Ministers to accelerate implementation of the Brisbane Action Plan and National Growth Strategies
The International Chamber of Commerce (ICC) joined discussions today with G20 Finance Ministers and Central Bank Governors to set priorities for continued economic growth during the Turkish G20 presidency. As part of Turkey’s G20 platform for inclusiveness, implementation, and investment – the three I’s of the government’s G20 2015 presidency… – Continue reading
Leading financial centres ‘must act on corruption’, says watchdog
China and Turkey have fallen in international rankings of perceived corruption, according to a new report released by the Berlin-based anti-corruption watchdog Transparency International (TI).09 Dec 2014 Regulatory Europe Asia Pacific Gulf Africa According to the latest edition of TI’s Corruption Perceptions Index for 2014, which scores countries on a… – Continue reading
G20 to press for ‘rapid timeline’ for exchange of tax information
NEW DELHI: G-20, a group of developed and developing nations, is likely to press for adoption of “rapid timelines” by different countries for automatic sharing of information with a view to curb tax evasion. The issue of automatic sharing of tax information would figure prominently during the meeting of G-20… – Continue reading
Now Turkey’s prime minister is attacking Twitter for tax evasion
Twitter is no longer banned in Turkey, but the country’s prime minister Recep Tayyip Erdogan today pledged to “go after” the social network for evading taxes, Yahoo reports. We were unable to find any proof that tax evasion has or has not occurred, but it’s certainly a serious charge from… – Continue reading
FORMER SEVERSTAL TRADING EXEC INDICTED FOR US TAX EVASION
A former Severstal executive has been indicted for hiding as much as $7.5 million from US tax authorities in Swiss bank accounts held at UBS AG. Victor Lipukhin, a former steel trader for Russian steel maker Severstal, hid assets in two Swiss UBS bank accounts from 2002 through 2007, said… – Continue reading
