Turkey, the eighth-largest economy in Europe, is reportedly planning a new tax on cryptocurrency transactions.
Tax Proposal
According to Bloomberg, the proposed tax aims to raise $7 billion for the Turkish government. The bill includes:
- A 15% tax on multinational corporations earning revenue in Turkey
- A minimum corporate tax on profits from real estate sales or rentals
- A 0.03% transaction tax on all digital asset trades
Background
Turkey’s budget deficit has widened due to earthquakes and pre-election spending. The proposed tax would be the most significant overhaul of the country’s tax code since 1999.
Crypto Investment in Turkey
A recent study by KuCoin found that over half of Turkish adults invest in cryptocurrencies. Notably, female traders are driving the growth, with 47% of crypto investors aged 18-30 being female.
