Cabinet Degree on Disguised Profit Distribution Through Transfer Pricing numbered 2007/12888, dated 27.11.2007, has been amended by the Presidential Decree numbered 2151, dated 24.02.2020, in accordance with Article 13 of Corporate Income Tax Code numbered 5520.

Read more: Major Development: New Documentation Requirements Introduced For Turkish MNEs

The Indian Budget was released on February 1, 2020 and within a span of five days, Ashok Maheshwary and Associates LLP's views have been covered extensively by the media. This media coverage includes two interviews on National Television. 

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6th Amendment to the EU Directive on Administrative Cooperation

DAC6 comes into effect on the 1st July 2020 and imposes reporting obligations on cross border arrangements (CBAs), relating to direct taxation, that contain at least one of the hallmarks listed in the EU Council Directive 2018/822/EU. VAT and other forms of indirect taxation are therefore excluded from the Directive. this is part of the Administrative Cooperation in (Direct) Taxation in the EU initiative.

Read more: DAC6 – EU Mandatory Disclosures for Intermediaries

A much-hated tax on not-for-profit organizations is on the way out. At the end of 2019, Congress repealed a provision of 2017’s Tax Cuts and Jobs Act (TCJA) that triggered the unrelated business income tax (UBIT) of 21% on nonprofit employers that provide employees with transportation fringe benefits. Unequipped to handle the additional administrative burdens and compliance costs, thousands of nonprofits had complained — and legislators apparently listened.

Read more: Congress Rolls Back Burdensome UBIT on Transportation Benefits

Presidential Decree numbered 1965 was published on the Official Gazette dated 31.12.2019, which is related to the approval of the “Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information” signed in Paris on 21.04.2017 (hereinafter referred to as “Agreement”). The Agreement will enter into force following the completion of the domestic legal processes pursuant to Article 7 of the Agreement.

Read more: Presidential Decree on Automatic Exchange of Financial Account Information Published in Turkey