New Development in Bitcoin and Cryptocurrency Taxes: New Tax Rates Have Been Announced!

While cryptocurrency investors in Turkey were wondering about the planned taxes on cryptocurrencies, Minister of Treasury and Finance Mehmet Şimşek announced that tax studies on the stock market were postponed to a later date.

There was a new development regarding taxes today.

According to Bloomberg, cryptocurrencies and stock markets were included in a large tax package of 226 billion TL that the government is working on.

While the draft study, seen by Bloomberg, was considered “the biggest revision of the recent period”, it was stated that the regulations would mainly target companies.

Bloomberg stated that the new regulation aims to provide a total of 226 billion TL of additional resources, 3.7 billion TL of which will come from cryptocurrencies.

While it is stated in the news that the Ministry of Treasury and Finance will impose a tax on cryptocurrency trading in order to increase the value of the Turkish Lira and protect against high inflation, investors are considering a 0.03 percent transaction tax on cryptocurrency trading.

Bloomberg wrote that two different taxation formulas were proposed in the draft regarding the taxation of cryptocurrencies.

Accordingly, the first of these is to apply a transaction tax at a rate of 3 per ten thousand on purchases and sales, and the other is to collect income tax on the income obtained from purchases and sales.

According to calculations, if a transaction tax is imposed on cryptocurrencies, the annual tax return is targeted to be 3.7 billion TL.

*This is not investment advice.