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U.S. IRS Notes CbC Report Local Filing Extension in Turkey — Orbitax Tax News & Alerts

The U.S. IRS has updated its Country-by-Country Reporting Jurisdiction Status Table regarding negotiations with Turkey to note that Turkey has extended the deadline for CbC report submission (including local filing) till 31 June 2021. As previously reported, this extension applies for non-resident parented MNE groups.

The U.S. and Turkey are currently negotiating a competent authority arrangement for the exchange of CbC reports that, depending on the reporting fiscal years covered, will relieved U.S. parented MNE groups from the local filing requirement in Turkey. It is expected that the arrangement will apply with respect to reporting fiscal years beginning on or after 1 January 2019 given that Turkey's CbC reporting requirements apply for reporting fiscal years beginning on or after that date.