Turkey proposes a 10% tax on cryptocurrency income
Turkey’s ruling party has introduced a bill to parliament proposing a 10% tax on income derived from cryptocurrency transactions. This marks a significant move toward regulating the country’s crypto market and boosting government revenues.
Source Сoindesk
According to the proposal, crypto platforms will be required to withhold tax on client profits quarterly, regardless of their status or residency. The president will have the authority to adjust the tax rate between 0% and 20%, depending on the asset type and holding conditions. An additional fee of 0.03% per transaction will be levied on providers.
This development could significantly impact Turkey’s crypto sector and set the tone for the country’s taxation framework on digital assets going forward.
