Turkey's ruling party proposes 10% crypto income tax bill

Turkey's ruling Justice and Development Party (AK Party) has submitted an economic bill to parliament that would formalize a cryptocurrency tax framework, CoinDesk reported. The bill proposes a 10% quarterly withholding tax on profits generated on crypto platforms regulated under the country's Capital Markets Law. This rate would apply to both individuals and corporations, regardless of residency status. The president would have the authority to adjust the tax rate anywhere from 0% to 20%, depending on factors such as token type, holding period, and issuer. Additionally, service providers that broker crypto transactions would be subject to a 0.03% transaction tax based on the transaction amount or market value. Investors trading on unlicensed platforms would be required to declare their annual profits separately. If the bill passes, it will take effect two months after its promulgation.