Cryptocurrency

Bank

Gains

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/turkey-considers-new-taxes-on-cryptocurrency-gains/" data-wpel-link="internal">Turkey Considers New Taxes on Cryptocurrency Gains</a> 
Cryptocurrency taxation continues to be a hot topic worldwide. Particularly in major economies like the USA, taxation steps indicate that cryptocurrencies could pose a potential threat to traditional reserve currencies. Currently, in Turkey, there is almost no tax collected on <a href="https://en.coin-turk.com/federal-reserve-signals-continue-hiking-rates-implications-for-crypto-market/" data-wpel-link="internal">cryptocurrency</a> gains, but according to Rahim Ak from Habertürk, there is a proposal to apply two separate taxes on gains derived from cryptocurrencies. 
<h2 style="text-align: justify" id="strong-currently-turkey-collects-almost-no-taxes-from-cryptocurrencies-strong">Currently, Turkey Collects Almost No Taxes from Cryptocurrencies</h2> 
In countries like the USA, even if it is illegal, taxing gains through personal declarations is a common practice. Therefore, it is possible to tax gains from cryptocurrencies, at least partially. However, in countries like Turkey, where tax declarations are generally made by employers, the taxation of gains from cryptocurrencies hardly ever occurs. 
The first step for taxation is to define these assets. Currently, regulations published by the Central Bank of the Republic of Turkey (CBRT) do not classify cryptocurrencies as fiat money, registered money, electronic money, payment instruments, securities, or other capital <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a> instruments. Instead, cryptocurrencies are defined as intangible assets. 
<h2 style="text-align: justify" id="strong-discussion-on-implementing-two-separate-taxes-on-cryptocurrencies-strong">Discussion on Implementing Two Separate Taxes on Cryptocurrencies</h2> 
Recent information indicates that the Capital Markets Board and the Revenue Administration of the Ministry of Treasury and Finance are working on taxing gains from cryptocurrencies. According to personal information shared by Prof. Dr. Murat Batı on his X account, new tax regulations such as transaction tax and withholding tax for cryptocurrencies are under consideration. Following the regulation by the Capital Markets Board, the Revenue Administration plans to introduce a low-rate transaction tax similar to BSMV. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-348156" src="https://coin-turk.com/wp-content/uploads/2024/05/Turkiye-Kripto-Para-Vergi.png" alt="" width="547" height="179"> 
The Revenue Administration plans to adopt a non-disruptive approach by introducing a low-rate transaction tax on cryptocurrencies. Additionally, considering cryptocurrencies as securities like bonds and stocks and taxing them through withholding to prevent the outflow of gains abroad is also being considered. 
These new tax regulations aim to ensure the taxation of cryptocurrency gains in Turkey and to close the tax gap in this area. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/turkey-considers-new-taxes-on-cryptocurrency-gains/" data-wpel-link="internal">Turkey Considers New Taxes on Cryptocurrency Gains</a></h5>

Turkey Considers New Taxes on Cryptocurrency Gains

Table of Contents

COINTURK NEWS

Other articles published on May 6, 2024

MCoin: Pioneering Digital Currency Innovation on the M20 Chain

PENDLE Price Soars 4% As Arthur Hayes Bags More Pendle

Legendary Bearish Analyst il Capo Says One Altcoin ‘Could Hit All-Time High’

Bernstein Predicts: Bitcoin (BTC) to Reach $150,000 in Current Cycle!

Crypto Whale Spends $10.4 Million On PEPE, Do They Know Something You Don’t?

Less Than 10% of Stablecoin Transactions Form Real Users: Bloomberg Report

Join our free newsletter for daily crypto updates!