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<ul>
 <li>Turkey’s lawmakers are proposing new taxes to fix budget gaps.</li>
 <li>Turkey is considering implementing a 0.03% tax on cryptocurrency trading.</li>
</ul>
The Turkish authorities are considering <a href="https://thenewscrypto.com/turkeys-governing-party-proposes-crypto-regulation-bill-to-parliament/" target="_blank" rel="noopener noreferrer nofollow">imposing</a> a 0.03% tax on cryptocurrency transactions. The plan is focusing on generating additional revenue as the country grapples with budget challenges following last year’s earthquakes.&nbsp;
According to the Bloomberg report, Turkish retail investors favor this new tax on crypto trading as a hedge against the declining lira and high inflation, projecting annual revenues of approximately 3.7 billion liras.
The proposal forms a key part of a broader set of tax reforms targeting companies. That expected to be the most extensive in a generation. These reforms aim to generate an extra 226 billion liras ($7 billion), equivalent to about 0.7% of Turkey’s gross domestic product (GDP).
Further, the plan seeks to address the financial strain caused by the earthquakes and substantial pre-election expenditures as drafted by the Ministry of Treasury and Finance. As a result, Turkey’s <a href="https://thenewscrypto.com/turkey-taps-specialist-for-central-banks-crypto-policy-committee/" target="_blank" rel="noopener noreferrer nofollow">budget deficit</a> is predicted to hit 6.4% of GDP this year.
Previously, the Turkish government withdrew its proposal for a stock trading transaction tax due to its controversial nature. However, Treasury and Finance Minister <a href="https://x.com/memetsimsek/status/1801280815432602087" target="_blank" rel="noopener noreferrer nofollow">Mehmet Simsek</a> announced that new tax regulations would soon be introduced to parliament.
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Turkey Plans Crypto Tax Amid Fiscal Overhaul

TheNewsCrypto

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