Cryptocurrency

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/turkey-plans-transaction-tax-for-stocks-and-cryptocurrencies/" data-wpel-link="internal">Turkey Plans Transaction Tax for Stocks and Cryptocurrencies</a><br></p>
<p style="text-align: justify">As a <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">new development</a> in financial legislation, Turkey has completed plans to introduce transaction taxes on both cryptocurrencies and stock market shares. This bill, to be presented to the Parliament shortly after the holiday, marks a significant step in the country’s fiscal policy.</p> 
<h2 style="text-align: justify" id="taxes-on-stock-shares-and-cryptocurrencies">Taxes on Stock Shares and Cryptocurrencies</h2> 
<p style="text-align: justify">The proposed tax for transactions involving stock shares will range from 0.01% to 0.03%. This measure aims to generate income from commercial activities rather than directly taxing gains, aligning with international practices observed in various foreign exchanges. The rationale behind this approach is to support market depth and enhance the overall quality of stock market activities.</p> 
<p style="text-align: justify"><img decoding="async" class="wp-image-360831 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/bitcoin-408.jpg" alt="" width="740" height="415"></p> 
<p style="text-align: justify">Minister of Treasury and Finance Mehmet Şimşek announced that gains from cryptocurrencies and stocks will not be subject to income tax. Instead, a transaction tax, expected to be around 0.01%, will be the focus for stock market transactions.</p> 
<p style="text-align: justify">Regarding cryptocurrencies, a 2% service fee will be introduced through amendments to the Capital Markets Law, to be equally shared between the Capital Markets Board (SPK) and the Scientific and Technological Research Council of Turkey (TÜBİTAK). This fee is designed to cover regulatory and technological assessment costs related to <a href="https://en.coin-turk.com/hong-kong-set-to-approve-bitcoin-and-ethereum-etfs/" data-wpel-link="internal">crypto</a> transactions. While no immediate transaction tax is proposed for cryptocurrencies, future negotiations may introduce such a measure depending on market developments.</p> 
<h2 style="text-align: justify" id="tax-package-coming">Tax Package Coming</h2> 
<p style="text-align: justify">This tax package, which includes these provisions, is part of a broader legislative effort encompassing approximately 60 articles aimed at improving tax regulations. The first package, expected to be presented before the Parliament goes on recess, will focus on eliminating ineffective tax exemptions and simplifying existing regulations. Some aspects of the tax reform may be deferred to the next legislative package, depending on ongoing policy discussions and parliamentary procedures.</p> 
<p style="text-align: justify">Introducing transaction taxes on both stock shares and potentially cryptocurrencies reflects Turkey’s strategic fiscal policy approach, balancing revenue generation with market incentives. This approach aims not only to support <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">financial markets</a> but also to ensure fair taxation practices in line with global standards.</p> 
<ul class="Summary"> 
 <li>Turkey plans transaction taxes for cryptocurrencies and stock shares.</li> 
 <li>Stock transaction tax will range from 0.01% to 0.03%.</li> 
 <li>Cryptocurrency transactions will have a 2% service fee shared by SPK and TÜBİTAK.</li> 
</ul> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/turkey-plans-transaction-tax-for-stocks-and-cryptocurrencies/" data-wpel-link="internal">Turkey Plans Transaction Tax for Stocks and Cryptocurrencies</a></h5>

Turkey Plans Transaction Tax for Stocks and Cryptocurrencies

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