While cryptocurrency regulations are being discussed in many regions from the US to Russia, from the EU to Asia, an important claim has been made about Türkiye. According to the information provided by Rahim Ak from Habertürk; The Revenue Administration, which is affiliated to the Ministry of Treasury, plans to introduce two tax items, one of which is “zero deduction rate” on cryptocurrencies.

In the news, it was stated that Prof. Dr. Murat Batı, a faculty member at Ondokuzmayıs University, announced the first news about the study on social media, while it was written that a transaction tax is on the way. Batı wrote that cryptocurrencies, which are considered as Securities Capital Income in accordance with Article 75 of the Income Tax Law, will be taxed through withholding tax.

According to the information given while Habertürk reached the details of the subject; The Revenue Administration plans to impose a low-rate transaction tax on cryptocurrencies, such as the Bank and Insurance Transactions Tax (BSMV), which currently has a rate of 5%. This tax is expected to be at a level that will be expressed in thousands, which will not scare the crypto market.

Preventing outflow abroad

On the other hand, in addition to the transaction tax, a study is being carried out to prevent the outflow of cryptocurrencies abroad through other platforms. Accordingly, cryptocurrencies, which are considered to be considered as securities such as bonds and stock exchange, are also considered to be taxed through withholding tax, i.e. tax deduction, in order to prevent the earnings from fleeing abroad. Thus, those who smuggle their earnings abroad will be obliged to submit a declaration and declare their earnings. However, the rate of withholding tax will remain at zero.