Türkiye is preparing to introduce new taxes, including a 0.03% tax on cryptocurrency trading, to address budget deficits caused by the 2023 earthquake and change its approach to trading regulations. financial translation.
“The ministry is considering a 0.03% transaction tax on cryptocurrency trading, which has become popular among Turkish retail investors looking for a hedge against the weakening of the lira and rampant inflation. According to official predictions, the move will bring in 3.7 billion liras per year.”
Tax reform to generate $7 billion
The Turkish government has proposed tax reforms that are expected to generate around 226 billion liras ($7 billion), or about 0.7% of the country’s GDP. This includes imposing a 0.03% transaction tax on cryptocurrency trading to capitalize on the growing popularity of this type of investment.
The measures, aimed at preventing inflation and currency devaluation, and which are the biggest tax changes in Turkey in two decades, were drafted by the Treasury and Finance Ministry led by Mehmet Simsek for discussion in parliament at the end of June.
Türkiye tax rollback
The Turkish government is considering introducing transaction taxes to ensure financial inclusion, despite previously rejecting the plan. Mehmet Simsek, the Finance and Treasury Minister, said that Turkey wants to introduce comprehensive taxes to ensure fairness and efficiency in tax collection.
Previous plans to tax cryptocurrencies and securities have been rejected, but there are now proposals for a limited transaction tax.#EarnFreeCrypto2024 #BinanceTournament 