New Tax Rates Announced for Bitcoin and Cryptocurrency Trading in Turkey
In a recent update, it has been revealed that Turkish investors may soon face a 0.03 percent transaction tax on cryptocurrency trading.
Minister of Treasury and Finance, Mehmet Şimşek, has confirmed that tax studies on the stock market have been delayed for the time being, leaving cryptocurrency investors in Turkey curious about the impending tax regulations.
Reports from Bloomberg indicate that cryptocurrencies and stock markets are part of a comprehensive tax package worth 226 billion TL that the government is currently crafting. This significant revision is primarily aimed at companies, with the goal of generating an additional 226 billion TL in revenue, including 3.7 billion TL from cryptocurrencies.
The Ministry of Treasury and Finance’s decision to introduce a tax on cryptocurrency trading is intended to bolster the value of the Turkish Lira and shield against inflation. Investors are bracing for a potential 0.03 percent transaction tax on their cryptocurrency transactions.
Bloomberg has outlined two proposed taxation models for cryptocurrencies in the draft legislation. One option is to levy a 0.03 percent transaction tax on purchases and sales, while the other involves taxing income derived from cryptocurrency transactions.
If the transaction tax is implemented, it is estimated to bring in 3.7 billion TL in annual tax revenue.
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