🔥🔥New statement from Minister Şimşek regarding the taxation of cryptocurrency income 🔥🔥
Last week, the draft law regarding cryptocurrency regulations in Turkey was accepted by the Turkish Grand National Assembly Planning and Budget Commission. While the bill does not include articles regarding the taxation of crypto income, Minister of Treasury and Finance Mehmet Şimşek made statements on the subject.
Tax Message from Mehmet Şimşek on Crypto Income
According to the news of Türkiye Newspaper, while Mehmet Şimşek was making a presentation about the economy at the AK Party's consultation meeting in Kızılcahamam, he also touched upon the issue of taxation of cryptocurrencies. While studies on regulations regarding cryptocurrencies have been ongoing for a long time in Turkey, Turkish cryptocurrency investors were mostly looking for an answer to the question of whether taxes would be imposed on crypto income.
Clarifying this issue, Mehmet Şimşek said, “It is the same in the world, if an income is generated, there should be a tax on it. Crypto assets, exchange-traded assets, mutual funds, etc. "They need to be disciplined," he said. With this statement, Şimşek signaled that new steps will be taken to impose taxes on income obtained from crypto currencies.
Taxation Issue Was Not on the Agenda in the Crypto Bill
Making a statement about the draft law on cryptocurrency regulation, which was approved by the Commission last week, AKP Group Chairman Abdullah Güler stated that there is no taxation clause in the current proposal. Güler stated that they are working on a revenue model in which a 1% deduction will be made for CMB and 1% for TÜBİTAK to be collected from crypto exchanges.
Following the enactment of the bill prepared for the Turkish crypto market, the second regulations are expected to come within a period of 6 months. Based on Minister Şimşek's statements, it can be predicted that the issue of taxation of crypto income will also come to the agenda in the second regulation phase.