Details crucial for cryptocurrency investors have become a hot topic recently. Rumors about high tax rates drew significant reactions, leading Finance Minister Mehmet Şimşek to make two different statements in a short period. This has caused considerable confusion. So, what will the tax rate be?
Cryptocurrency Tax Rate
According to details shared by Habertürk, the agreed rates for cryptocurrencies will be 0.04%. Those trading on Borsa Istanbul will pay a 0.02% tax per transaction. Additionally, there will be no taxation on cryptocurrency gains. This tax, similar to transaction commission fees, aims to support the Treasury.
The news included the following detail:
“The Ministry of Treasury and Finance plans to impose a 0.04% transaction tax on cryptocurrency investments and a 0.02% tax on Borsa Istanbul investments.”
Since the law is not retroactive, past transactions will not be taxed. The exact amount and how the system will work, especially for transfers from banks to the exchange, have not been confirmed by official sources. The current rates mean investors will pay 40 lira in tax on a 100,000 lira transaction, which may be reasonable for investors.
