Turkish cryptocurrency investors flocked to the Revenue Administration’s portal following unexpected SMS notifications. It is known that a taxation framework for cryptocurrencies has not yet been established in Turkey, and a previous legislative effort to create one was abandoned last year. The reason behind these SMS messages from the Revenue Administration to cryptocurrency investors raises questions.
Shock SMS for Crypto Investors
The messages from the Revenue Administration mention the detection of rental income, shocking users of local platforms like BinanceTR and BtcTurk. Investors have expressed their concerns, particularly in light of the recent downturn in the markets.
As there is no legal framework for cryptocurrency taxation, the Revenue Administration has previously indicated that it can only take action once legislation is established. Therefore, the anxiety among investors may be unfounded, as laws cannot be applied retroactively.
Amid the new rental income notifications and existing declaration requirements, investors are understandably worried. The messages have stirred interesting reactions on social media, with users sharing their dismay over the situation.
What Should Users Do?
If payments from cryptocurrency exchanges appear as rental income in your account, you need to log into the Digital Tax Office. Upon entering the portal, you will be greeted with the option for the “Ready Declaration System,” where you can proceed to make a new declaration.
On the opened page, click on “My Transactions” and select the “I Want to Make a Declaration” option from the submenu. This will allow you to officially submit your objection, stating that the payment is not rental income.
If no action is taken, the Revenue Administration will likely work to resolve the issue themselves. While BinanceTR and other local exchanges could process rental payments from their accounts, it is impractical for them to issue payments to thousands of accounts, indicating a problem that will eventually be recognized and corrected.
