The Revenue Administration (GİB) has clarified claims that some cryptocurrency investors received bank transfers categorized as rental income. The authority stated that they sent SMS notifications to taxpayers for informational purposes, but some transactions resulted from incorrect reports. It emphasized that transfers mistakenly perceived as rental income do not create any obligation for investors.
Bank Errors Misled Taxpayers
Before the income tax declaration period starting on March 1, GİB sent SMS messages to inform taxpayers who need to declare rental income. However, these messages are only relevant for individuals truly earning rental income.
Incorrect categorization by senders or erroneous bank reports led to some payments being recorded as rental income. It was determined that payments received by certain crypto traders were also mistakenly reported as rental income. GİB noted that these errors are being investigated and assured taxpayers that they should not be unnecessarily worried.
Individuals who received such erroneous SMS notifications and do not earn rental income are not required to file any declaration. Taxpayers should only declare income if they genuinely earn rental income.
Attention Needed on Tax Declarations for Crypto Transactions
GİB regularly sends informational messages to taxpayers during the declaration period each year. Investors who are not taxpayers and operate in the crypto market must ensure they select the correct transfer option during bank transactions to avoid receiving such SMS notifications.
Additionally, the authority reminded that gains from cryptocurrency transactions are subject to taxation per official regulations. It is also important to note that merely having a bank transfer reported as rental income does not automatically classify someone as a taxpayer.
To prevent misunderstandings regarding taxes, the correct category should be selected for bank transfers. Moreover, it is crucial to contact the relevant bank or tax authority to rectify any erroneous notifications.
