- Turkey’s lawmakers are proposing new taxes to fix budget gaps.
- Turkey is considering implementing a 0.03% tax on cryptocurrency trading.
The Turkish authorities are considering imposing a 0.03% tax on cryptocurrency transactions. The plan is focusing on generating additional revenue as the country grapples with budget challenges following last year’s earthquakes.
According to the Bloomberg report, Turkish retail investors favor this new tax on crypto trading as a hedge against the declining lira and high inflation, projecting annual revenues of approximately 3.7 billion liras.
The proposal forms a key part of a broader set of tax reforms targeting companies. That expected to be the most extensive in a generation. These reforms aim to generate an extra 226 billion liras ($7 billion), equivalent to about 0.7% of Turkey’s gross domestic product (GDP).
Further, the plan seeks to address the financial strain caused by the earthquakes and substantial pre-election expenditures as drafted by the Ministry of Treasury and Finance. As a result, Turkey’s budget deficit is predicted to hit 6.4% of GDP this year.
Previously, the Turkish government withdrew its proposal for a stock trading transaction tax due to its controversial nature. However, Treasury and Finance Minister Mehmet Simsek announced that new tax regulations would soon be introduced to parliament.
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