Turkish citizens have declaration and tax liability for their foreign bank account.
Automatic Information Sharing (CRS)
- OECD CRS standard
- Turkey shares information with 100+ countries
- Annual automatic notification
- Submitted to the tax office
Tax Liability
- Full taxpayer Turkish citizen taxes all world income
- Interest, dividends, capital gains
- Annual declaration
Double Taxation Prevention
- Turkey has agreements with 80+ countries
- The same income is not taxed in two countries
- Discount/offset
Declaration Failure to do so
- Tax penalty (1-3 times)
- Interest
- Criminal liability (tax evasion)
- MASAK audit
Council of State 4th Chamber
4. The Department accepts that foreign assets have "declaration obligation" and will be determined thanks to OECD CRS.
Tax lawyer is recommended.