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Turkey and Germany reveal hidden income from December


From December 31, 2020, Turkey and Germany will carry out an automated exchange of information on assets and bank accounts.

The aim is to curb hidden income bypassing the tax authorities. For this purpose, account information will be collected in Turkey from the end of December and forwarded to the German tax authorities. Information such as the name of the account holder, account balance, income, interest, profits from sales and possible dividends are stored in the data records. However, anyone who has “kept his income in Turkey secret” from the authorities is now facing exposure. Here it is possible that there is a risk of criminal proceedings for tax evasion or stealth if you receive transfer payments, for example – unemployment benefit or payments according to SGB2, Hartz4. Anyone who is aware that they are generating income bypassing the tax authorities or other authorities and has not disclosed it can only help with the voluntary disclosure. In that case you go unpunished. But this is only possible as long as the tax authority has not yet discovered the case itself. It is therefore important to submit this report before December 31st.