New Development in Bitcoin and Cryptocurrency Taxes: Announcement of New Tax Rates!
Recent updates reveal plans to implement a 0.03 percent transaction tax on cryptocurrency trading for Turkish investors.
As cryptocurrency investors in Turkey awaited news on proposed taxes, Minister of Treasury and Finance Mehmet Şimşek disclosed that tax evaluations for the stock market have been postponed to a later date.
Today, a significant tax development emerged. According to reports from Bloomberg, cryptocurrencies and stock markets are part of a comprehensive tax package worth 226 billion TL that the government is currently working on.
Described as “the most significant revision in recent times” in a draft reviewed by Bloomberg, the regulations primarily target companies. The aim is to generate a total of 226 billion TL in additional revenue, with 3.7 billion TL expected to come from cryptocurrencies.
Reports suggest that the Ministry of Treasury and Finance is planning to introduce a tax on cryptocurrency trading to boost the Turkish Lira’s value and safeguard against high inflation. Investors are contemplating a 0.03 percent transaction tax on cryptocurrency trading.
Bloomberg highlighted two proposed taxation models in the draft for cryptocurrencies. One suggests a 3 per ten thousand transaction tax on purchases and sales, while the other involves taxing the income derived from transactions.
If a transaction tax is enforced on cryptocurrencies, it is projected to generate an annual tax revenue of 3.7 billion TL.
*This does not constitute investment advice.
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