A New Tax Era Begins for Bitcoin (BTC) and Cryptocurrencies! The Bill Has Been Submitted to the Turkish Grand National Assembly!

There’s news regarding taxes for cryptocurrency investors. A bill concerning the taxation of cryptocurrencies has been submitted to the Turkish Grand National Assembly.

According to AA news agency, a bill proposing amendments to certain laws has been submitted to the Turkish Grand National Assembly.

The proposal includes introducing a tax on cryptocurrency transactions and new regulations for taxing this income.

Accordingly, cryptocurrency sales and transfer transactions made or brokered by cryptocurrency service providers will be subject to cryptocurrency transaction tax.

The event that triggers this tax is the sale or transfer of cryptocurrency, and the taxpayers will be cryptocurrency service providers, i.e., exchanges.

According to the draft, the cryptocurrency transaction tax will be applied at a rate of 0.003% of the amount of cryptocurrency sold or the market value of the cryptocurrency asset at the time of transfer.

According to the bill, the cryptocurrency transaction tax for one month must be declared and paid to the tax office to which the taxpayer is affiliated by the evening of the 15th of the following month.

Cryptocurrencies are Entering the Income Tax Law!

If the bill is passed, an article concerning cryptocurrencies will be added to the Income Tax Law. With the addition of the “Taxation of Crypto Assets” article to the Income Tax Law, a 10% tax withholding will be applied to gains and income obtained from transactions conducted on platforms subject to the Capital Markets Law.

Withholding taxes will be collected in three-month periods throughout the calendar year.

Natural and legal persons, regardless of whether they are full or limited taxpayers, will be subject to withholding tax.

Platforms that facilitate cryptocurrency transactions will report the information they obtain and the taxes they withhold to the tax office by the 26th of the month following the withholding period, using the declaration form determined by the Ministry of Treasury and Finance.

*This is not investment advice.

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