Turkey's ruling party unveils 10% crypto income tax proposal

Turkey’s ruling AK Party has submitted a comprehensive economic bill to parliament that introduces a formal framework for cryptocurrency taxation. The draft legislation, currently before the Turkish Grand National Assembly, mandates that regulated crypto platforms withhold a 10% tax on investor gains every quarter, applying to individuals and companies alike, whether resident or non-resident. Furthermore, service providers brokering crypto assets would face a 0.03% transaction tax on the sale amount. The bill grants the Turkish president the authority to adjust this withholding tax rate anywhere between 0% and 20%, based on factors like token type or holding duration. Crypto provisions are set to take effect two months after publication, should the bill be approved.

(Source：CoinDesk)