CRS

Letzte Beiträge zum Thema CRS

  1. Turkey: Tax amnesty for Turkish residents entered into force
  2. Voluntary Disclosure India – New Circular of the Indian Ministry of Finance

Turkey: Tax amnesty for Turkish residents entered into force

With the promulgation of the Law No. 6736 in the Official Gazette of Turkey on August, 19, 2016 expected Turkish tax amnesty/Voluntary Disclosure Program has entered into force.

The program provides amnesty from various tax and other penalties for persons whom did not report their assets located outside Turkey (cash, gold, securities, other capital market instruments), if the conditions of the program are met. To benefit from the amnesty, taxpayers have to repatriate their assets into Turkey following to the declaration. The program closes on Dezember 31, 2016.

For further information to the program please refer to our VDP Country Fact Sheet for Turkey.

Voluntary Disclosure India – New Circular of the Indian Ministry of Finance

On July 14, 2016, the Indian Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (TPL Division) has issued Circular No. 27 of 2016. The Circular contains clarifications on the Income Declaration Scheme, 2016 (IDS, also called “Scheme”). The Scheme allows Indian taxable persons to come forward and to regularize income not declared correctly in the past. The voluntary disclosure program has started on June 1, 2016  and runs by September 30, 2016. You find more information about the program and the legal basis in our VDP Country Fact Sheet section.

India has committed to the Automatic Exchange of Information (AEoI)/Common Reporting Standard (CRS) and is an Early Adopter state. That is, in 2017 India will exchange tax relevant account information collected in 2016 with other participating countries. Therefore, the Scheme could be the last chance for the taxable person to become tax-compliant before the tax administration will receive automatically the data.