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Turkey To Expand TIEA Network

by Ulrika Lomas,, Brussels

21 August 2012

Turkish Finance Minister Mehmet Simsek has reiterated the country’s commitment to crack down on tax evasion and to expand its Tax Information Exchange Agreement (TIEA) network.

As part of the global move towards enhanced cooperation in fiscal matters, especially with respect to tax information exchange, and amid a stronger willingness by offshore financial centres to exchange information with foreign tax authorities, Turkey is expanding its TIEA network.

Turkey’s recent TIEA with Switzerland is due to take effect from January 1, 2013. Similar agreements with Singapore, Jersey, Guernsey, Malta, the Isle of Man, Luxembourg and Malaysia have been signed. Further agreements with Gibraltar, the Cayman Islands, the British Virgin Islands, Barbados, the Bahamas and Panama are also in the process of being negotiated.

These comments from Simsek coincide with a recent move from the General Directorate of Revenues and the Social Security Institution to clamp down on tax evasion by employers wrongfully registering employees paid at the minimum wage to evade taxes. Statistics show that 45% of Turkish private limited companies register their employees at the minimum wage, a figure which is comparatively high.

TAGS: Isle of Man | Finance | tax | tax information exchange agreement (TIEA) | Bahamas | Gibraltar | Malta | employees | budget | Cayman Islands | Guernsey | Jersey | Luxembourg | Singapore | Virgin Islands | offshore | agreements | Malaysia | Switzerland | Barbados | British Virgin Islands | Panama | Turkey

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