Turkey’s Government Issues New Statement on Cryptocurrency Taxation
A new statement has been released regarding uncertainties surrounding taxation in the cryptocurrency market in Turkey. Dr. Ömer İleri, Deputy Chairman of the AK Party and Head of Information and Communication Technologies, announced that the articles concerning crypto assets were accepted in the draft law discussed in the Planning and Budget Committee.
İleri addressed the public’s concerns and confusion regarding the taxation of crypto assets, and shared how the regulation is planned to be implemented. Accordingly, a transaction tax of three per ten thousand is planned to be levied on crypto asset purchase, sale, and transfer transactions conducted through platforms regulated by the Capital Markets Board (SPK).
The statement clarified that this tax would be the final tax and no further taxes would be applied to these transactions. It was also stated that cryptocurrency transactions would be exempt from Value Added Tax (VAT).
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İleri, in his assessment of the regulation, used the following expressions:
A previously leaked draft regarding the taxation of crypto assets envisioned a different model. According to this draft, a new article titled “Taxation of Crypto Assets” would be added to the Income Tax Law, and a 10% withholding tax would be applied to gains from transactions conducted on platforms subject to the Capital Markets Law. The draft regulation stipulated that platforms would withhold 10% of user earnings on a quarterly basis throughout the calendar year.
*This is not investment advice.
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