Following the regulation of the CMB, the Revenue Administration plans to impose a low-rate transaction tax on crypto money, such as BSMV. Another is that it is considered to impose taxes on crypto assets, such as bonds and stock markets, which are thought to be considered as income from movable capital, through withholding, that is, tax deduction, in order to prevent the earnings from escaping abroad.
The tax issue on cryptocurrencies is being discussed all over the world. In order for large states, especially the USA, to start collecting taxes, crypto assets that pose a threat to reserve currencies, especially the dollar and the euro, must first be defined. In countries such as the USA, the income obtained from crypto money is taxed, albeit partially, because the tax on income earned, even illegally, is declared and paid personally with a tax return. However, in countries such as Turkiye, where taxes are not paid via personal declaration (employees’ workplaces do this), the income obtained from this field is almost not taxed at all.
According to Rahim Ak’s report from HaberTurk, cryptocurrencies in Turkiye are defined as intangible assets that are not classified as digital currency, legal tender, book money, electronic money, payment instrument, securities, or other capital market instruments in the Regulation on Non-Use of Crypto Assets in Payments published by the Central Bank.
Two separate taxes on cryptocurrency
While the Capital Markets Board is also carrying out a study on the subject, the Revenue Administration of the Ministry of Treasury and Finance, which is the other side of the regulation of crypto assets by law, is also carrying out an important study. The first news about the study came from On Dokuz Mayis University Faculty Member Prof. Dr. Murat Bati announced it on social media. Bati wrote that a type of transaction tax will be added to the Expense Taxes Law for crypto, on the other hand, crypto money, which is considered as Securities Income in accordance with Article 75 of the Income Tax Law, will be taxed through withholding tax.
Taxes will have a low rate like BSMV
We learned the details of the issue and how it will happen from the corridors of Finance. First of all, for the tax legislation regulation, the Capital Markets Board will wait for the regulation that will determine the legal limits in terms of capital markets. The Revenue Administration plans to impose a low-rate transaction tax on cryptocurrency, one of which is the Banking and Insurance Transactions Tax (BSMV), whose rate is currently 5%. According to the information obtained, this tax will be expressed in thousands and will not frighten the crypto market. However, it will not be limited to this. It is considered that crypto assets, which are thought to be considered as income from movable capital just like bonds and stock markets, will be taxed through withholding, that is, tax deduction, in order to prevent the earnings from escaping abroad. Thus, those who smuggle their earnings abroad will be obliged to file a declaration and declare their earnings. However, the withholding tax rate will be zero.
Source: Dunya.com / Prepared by Irem Yildiz