coindesk.com
Turkey’s ruling AK Party has introduced a sweeping economic bill in parliament that would formalize crypto taxation while revising a range of tax and spending rules.
The draft, now before the Turkish Grand National Assembly, would amend the Income Tax Law and Expenditure Taxes Law to create a new framework for cryptocurrencies, the country’s state news agency Anadolu Ajansı reports.
Crypto platforms regulated under the country’s Capital Markets Law would withhold a 10% tax on gains each quarter, regardless of whether the investor is an individual or company, resident or non-resident.
Service providers would also pay a 0.03% transaction tax on the sale amount or market value of crypto assets they broker.
Crypto brokers and other intermediaries would be on the hook for tax checks based on the records they keep. If a user provides wrong or incomplete information, tax authorities would pursue that person for any shortfall, the news outlet writes.
The bill also makes clear that key terms such as “crypto asset,” “wallet,” and “platform” carry the same meaning as in Turkey’s Capital Markets Law, tying the tax regime to existing financial rules.
The country’s president would also have the power to lower the 10% withholding tax to 0% or raise it to 20%, depending on the type of token, how long it was held, who issued it, or the type of wallet used.
The bill exempts crypto deliveries subject to the transaction tax from value-added tax (VAT) and excludes foundation university hospitals from corporate tax exemptions starting in 2027.
The crypto provisions would take effect two months after publication if approved.