Türkiye's top economy official dismissed Wednesday reports on plans to impose taxes on profits from stocks and cryptocurrencies but suggested a “very limited” levy on transactions.
“We have not currently included taxation on profits for crypto assets and the stock market in our agenda. There may be a very limited fee or taxation on a transaction-based basis,” Treasury and Finance Minister Mehmet Şimşek was cited as saying.
Speaking at an event organized by the International Investors’ Association (YASED) in Ankara, the minister answered the questions of the reporters about whether there was any work on taxation.
The minister did not elaborate on the potential size of taxation, saying that Parliament would have the final word on how much this tax would be.
"It would not be appropriate for me to comment on the rate. Because it is a matter at the discretion of our Parliament. Our goal is to ensure justice and efficiency in taxes and to leave no area untaxed," Anadolu Agency (AA) quoted Şimşek as saying.
Bloomberg reported on June 4 that authorities in the country were planning to impose a tax on gains from stock and cryptocurrency trading.
Cryptocurrency trading has become increasingly popular worldwide in recent years and Türkiye is currently in the process of finalizing crypto regulations.
The Turkish Parliament’s Planning and Budget Commission has recently approved a bill aimed at regulating the crypto assets sector in the country. The draft law, which requires crypto asset service providers to obtain licenses from the Capital Markets Board (SPK), includes the definitions of crypto assets.
The bill is expected to help Türkiye to be removed from the Financial Action Task Force’s (FATF) gray list and is expected to pave the way for providing approval for operation to the initial exchange platforms.
It requires crypto businesses to get licenses and follow international standards, such as being regulated by capital markets boards.
Şimşek said previously that the government was also working on a regulation for a minimum corporate tax to establish a fairer tax system.
The new economy administration, led by Şimşek is pushing for stronger fiscal discipline and monetary tightening measures to curb soaring inflation and ensure sustainable growth. Last month, the government unveiled a comprehensive plan to reduce public spending and prioritize efficiency.
The Turkish central bank lifted its key policy rate to 50% from 8.5% since last June and has vowed to remain firm on its tight policy stance to ensure disinflation.
