Regulation and taxation efforts for cryptocurrencies are accelerating in Turkey. The latest statements of the Minister of Treasury and Finance, Mehmet Şimşek, reveal the determination to tax the income obtained from cryptocurrencies.
Critical development in the field of crypto money in Turkey
Work on the regulation and taxation of crypto assets has accelerated in Turkey. Minister of Treasury and Finance Mehmet Şimşek gave important messages regarding the taxation of cryptocurrencies in his presentation about the economy.
Şimşek gave information to the participants at the AK Party’s consultation meeting in Kızılcahamam about the economic program, savings measures and new regulations. According to the information obtained, the Minister announced that they will make a 15 percent cut in investment appropriations, give priority to investment projects with physical progress over 75 percent, and will not include new projects in the public investment program.
Significant change in the tax field
Pointing out important changes in the field of tax, Şimşek announced that many tax exemptions, discounts, incentives and exceptions will be abolished. Stating that the tax on fund income will also be increased, the Minister signaled that the withholding tax rate, which is currently 7.5 percent, will be increased to 10 percent.
Şimşek’s most striking statements were about the taxation of income obtained from crypto assets and transactions made in the stock market. The Minister said, “It is the same in the world, if an income is generated, there should be a tax on it. “Crypto assets, publicly traded assets, investment funds, etc. need to be disciplined,” he said.
In the coming days, pay attention to the General Assembly
It is stated that the draft regulation on cryptocurrencies was passed by the Turkish Grand National Assembly Commission last week and will be discussed in the General Assembly in the coming days. Şimşek’s statements signal the steps to be taken towards taxing the income obtained from crypto assets. Regulations for companies that constantly declare losses are also on the Minister’s agenda. Şimşek said, “Would you keep a loss-making company open for 20 years? High-tech companies are an exception. But if you made a loss in a normal sector for 5 years in a row, would you continue? He noted that they are working on this issue.
Drawing an optimistic picture about inflation, Minister Şimşek said, “Inflation will decrease permanently. “There is an unprecedented resource inflow in history,” he said. Şimşek’s statements show that the tax and regulation pillar will be highlighted in order to increase discipline in the economy, combat informality and improve public finances. Taxation of income from crypto assets and investment instruments stands out as part of these efforts.
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