Foreign Accounts Under Scrutiny with Overseas Earnings Monitoring Program
The Tax Inspection Board has launched a new program to investigate discrepancies between overseas accounts and declarations in Turkey.
The Tax Inspection Board has implemented the Overseas Earnings Monitoring Program to uncover potential differences between incomes declared in Turkey and accounts and earnings abroad.
Aim and Scope of the Program
The Tax Inspection Board has taken action to identify taxpayers at an early stage who have income or wealth abroad and fail to reflect it in their declarations in Turkey.
Comparison of Foreign Financial Information
Under the new system, financial data obtained from foreign countries by individuals in the high-income and wealth bracket are compared in detail with income declarations in Turkey.
Explanation Process and Inspection
In the event that an unexplained discrepancy is detected between overseas incomes and reported earnings, information will be requested from taxpayers, and if a sufficient explanation cannot be provided, a tax inspection will be initiated.