Türkiye’s ruling Justice and Development Party has proposed a comprehensive economic bill in parliament that would formally tax cryptocurrencies while amending a series of tax and spending rules.
According to Turkish state news agency Anadolu Ajansı, the draft, now submitted to Turkey’s Grand National Assembly, will amend the Income Tax Law and the Expenditure Tax Law to create a new framework for cryptocurrencies.
Cryptocurrency platforms regulated under the country’s capital markets law will withhold 10% tax on earnings every quarter, regardless of whether the investor is an individual or company, resident or non-resident.
Service providers will also pay a transaction tax of 0.03% on the sales amount or market value of the crypto assets they broker.
Cryptocurrency brokers and other intermediaries will be subject to tax inspections based on the records they keep. If a user provides incorrect or incomplete information, the tax authority will pursue that person for any deficiencies, the news outlet wrote.
The bill also clarifies that key terms such as “crypto-asset,” “wallet” and “platform” have the same meaning as in Turkish Capital Markets Law, linking the tax system to existing financial rules.
The country’s president also has the power to reduce the 10% withholding tax to 0% or increase it to 20%, depending on the type of token, holding period, issuer or type of wallet used.
The bill exempts cryptocurrency deliveries subject to transaction tax from value-added tax (VAT) starting in 2027 and excludes the Foundation University Hospital from corporate tax.
If approved, the cryptocurrency terms will take effect two months after publication.
