Key takeaways:
- Turkey has rejected proposals to tax crypto and stock market gains, but it has proposed a “very limited” transaction tax.
- Minister Şimşek allegedly emphasized the significance of appropriately taxing all financial revenue during a meeting over the weekend.
Turkey has rejected proposals to tax crypto and stock market gains, but it has proposed a “very limited” transaction tax.
In an interview in Ankara, Treasury and Finance Minister Mehmet Şimşek reportedly stated that the government is thinking of imposing a “very limited” transaction tax on the assets. This information was obtained by Bloomberg. Şimşek declared, without indicating how big it might be:
“Our aim is to leave no area untaxed in order to provide justice and effectiveness in taxation,”
Turkey lowered its stock market profit tax rate from 10% to 0% in 2008. On June 4, Bloomberg revealed that the nation’s authorities intended to tax profits from trading stocks and cryptocurrencies.
Minister Şimşek allegedly emphasized the significance of appropriately taxing all financial revenue during a meeting over the weekend.
There are currently no laws in Turkey that specifically address crypto taxes. Nonetheless, the nation is making a concerted effort to create a legal framework pertaining to digital assets.
Turkey lowered its stock market profit tax rate from 10% to 0% in 2008. On June 4, Bloomberg revealed that the nation’s authorities intended to tax profits from trading stocks and crypto.
Minister Şimşek allegedly emphasized the significance of appropriately taxing all financial revenue during a meeting over the weekend.
There are currently no laws in Turkey that specifically address crypto taxes. Nonetheless, the nation is making a concerted effort to create a legal framework pertaining to digital assets.
The ruling party in Turkey unveiled a new measure to control the crypto sector on May 16. The bill mandates that crypto companies obtain licenses and adhere to international norms, like being governed by financial market bodies.
In order to promote a locally controlled ecosystem, the law also mandates that crypto service providers collect required revenue and forbids international crypto brokers. The action aims to resolve concerns raised by the Financial Action Task Force (FATF) and remove the nation from the regulator’s “grey list,” according to reports in the local media.
Turkey is a major player in the global crypto industry; Chainalysis data indicates that it ranks fourth globally in terms of estimated trading volume. With a projected $170 billion in trade volume in 2023, the nation will overtake economies such as Germany, Canada, Vietnam, Thailand, and Russia.
Since 2021, crypto owners in Turkey were not allowed to use their funds to make payments using Bitcoin or other crypto.
