Turkey’s ruling AK Party has presented a sweeping economic bill to parliament that would formalize the taxation of cryptocurrencies while revising a series of tax and spending rules.
The draft, currently before Turkey’s Grand National Assembly, would amend the Income Tax Law and the Expenditure Tax Law to create a new framework for cryptocurrencies, the country’s official Anadolu Ajansi news agency reports.
Crypto platforms regulated by the country’s Capital Markets Act would withhold a 10% tax on gains every quarter, regardless of whether the investor is an individual or company, resident or non-resident.
Service providers would also pay a transaction tax of 0.03% on the sale amount or market value of the crypto assets they trade.
Crypto brokers and other intermediaries would be required to pay tax audits based on the records they maintain. If a user provides incorrect or incomplete information, tax authorities will pursue that person for any failure, the media outlet writes.
The bill also clarifies that key terms such as “crypto asset”, “wallet” and “platform” have the same meaning as in the Turkish Capital Markets Law, linking the tax regime to existing financial rules.
The country’s president would also have the power to reduce withholding tax from 10% to 0% or increase it to 20%, depending on the type of token, how long it has been held, who issued it, or the type of wallet used.
The bill exempts crypto deliveries subject to transaction tax from value-added tax (VAT) and excludes university foundation hospitals from corporate tax exemptions starting in 2027.
The crypto provisions would come into force two months after publication if approved.
