The Ministry of Treasury and Finance is preparing to take important steps on how Crypto assets will be taxed in Turkey. In this context, it was stated that the Capital Markets Board and the Revenue Administration continue their legal regulatory efforts. Accordingly, two tax models can be applied to cryptocurrencies.
Income and gains tax for cryptocurrency is on the way
According to the news in Habertürk, cryptocurrencies will be taxed both with a transaction tax and as income from securities capital. Within the scope of the studies, the Capital Markets Board is expected to prepare a regulation for these assets.
In line with the framework determined by this regulation, the Revenue Administration will apply two separate taxes to the income obtained from cryptocurrency buying and selling. It was stated that two taxations will be shaped specifically for crypto assets.
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The first tax will be a low-rate transaction tax. It is planned to be implemented in a similar way to the Banking and Insurance Transactions Tax. The second one aims to accept crypto assets as securities capital income. This envisages tax being collected on earnings.
Thus, investors will be subject to tax on both the transaction and the profits earned. It was reported that the tax rates will be at low levels that will not negatively affect the sector.
These studies aim to put the cryptocurrency market in Turkey on a legal basis. We would like to point out that the Capital Markets Board and the Revenue Administration are still continuing their work and an official regulation may be implemented soon.
So, what do you think about cryptocurrency tax? You can express your thoughts in the comments.