Turkey to Implement Crypto Transaction Tax of 0.03%

IconCryptoNewsTerminal Staff14 Jun, 2024

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Turkey to Implement Crypto Transaction Tax of 0.03%

Turkey's government is planning to impose a 0.03% tax on cryptocurrency transactions as part of a new tax package, Bloomberg reported on March 6, 2023. The tax, which is expected to generate an additional 3.7 billion lira ($113 million) in annual tax revenue, is intended to help fund the country's earthquake recovery efforts. The tax package is still in development and is expected to be submitted to parliament soon. The move comes as other governments around the world are also considering how to regulate and tax cryptocurrencies. The Turkish Treasury and Finance Ministry estimates that the tax could bring in an additional 3.7 billion lira ($113 million) per year. The tax is part of the government's effort to raise funds to rebuild after last year's earthquake.

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