Turkey’s Ruling Party Proposes 10% Crypto Income Tax

Turkey's Justice and Development Party has introduced a draft bill to the Turkish Grand National Assembly proposing a 10% tax on digital asset income and gains. Under the proposed legislation, platforms subject to capital gains tax could be mandated to withhold this 10% tax quarterly on gains from crypto transactions. Furthermore, the law would grant the Turkish president the authority to adjust the income tax rate on crypto from 0% up to 20%. Service providers facilitating these transactions would face a 0.03% transaction tax. The treasury is expected to implement enforcement regulations, with the bill potentially taking effect two months after publication if passed. This move comes as Turkey previously led the Middle East and North Africa region in crypto transaction volumes, driven partly by challenging economic circumstances and high inflation.

(Source：Cointelegraph)