Turkey’s ruling party proposes 10% crypto income tax
Under the proposed law, Turkey’s president would be allowed to change the income tax rate on digital assets from zero to up to 20%.
Turkey’s Justice and Development Party proposed a 10% tax on cryptocurrency income and gains as part of a draft bill amending the country’s tax laws.
According to a Monday report from the state-run media Anadolu Agency, lawmakers in the Turkish Grand National Assembly proposed amending the country’s expenditure tax laws to include a 10% tax on digital assets. Under the legislation, platforms that are subject to capital gains tax in the country could be required to withhold 10% tax on gains and income derived from crypto transactions on a quarterly basis.
The proposed law would allow Turkey’s president to change the tax rate on crypto from 0% to 20%, and service providers would be subject to a 0.03% transaction tax on transactions they facilitate. The country’s treasury is expected to implement regulations and enforcement for the bill, which is expected to take effect two months after publication should it become law.