Turkey,OECD to sign administrative assistance convention in tax matters

ANKARA (A.A) - November 3, 2011 - Turkey and the Organization for Economic Cooperation and Development (OECD) will sign a convention on mutual administrative assistance in tax matters. Turkey's Finance Minister Mehmet Simsek will put his signature under the convention that will be signed during the G-20 summit in Cannes, France. The convention aims at a comprehensive cooperation on countering tax evasion and loss. A multilateral agreement, the convention has been developed jointly by OECD and Council of Europe and has been signed by 24 countries, including Argentina, Australia, Brazil, Canada, China, Germany, India, Indonesia, Japan, Russian Federation, Saudi Arabia and South Africa so far. The convention will cover income tax, corporation tax and value added tax in Turkey.  The object of the Convention is to promote international co-operation for a better operation of national tax laws, while respecting the fundamental rights of taxpayers. The Convention provides for all possible forms of administrative co-operation between states in the assessment and collection of taxes, in particular with a view to combating tax avoidance and evasion. This co-operation ranges from exchange of information to the recovery of foreign tax claims.