Continental Europe’s eighth largest economy is reportedly proposing a new tax on crypto transactions.
Turkey is trying to raise taxes as a way to repair its budget after being ravaged by earthquakes in 2023, according to a new report from Bloomberg.
According to the report, the plan would earn the Turkish government an estimated $7 billion.
Turkey’s Ministry of Finance and Finance drafted the bill after two massive earthquakes and pre-election spending left the government spending more money than originally planned, putting them on track for an estimated 6.4% deficit of their GDP (gross domestic product). .
The report details the proposal, noting that it would tax multinational companies that have built up money in Turkey at 15%, require real estate investment trusts to pay a minimum corporate tax on profits from the sale or rental of real estate, and impose a transaction tax of 0.03% would consider on all real estate investment trusts. transactions involving digital assets.
If adopted, the proposal would represent the largest overhaul of Turkey’s tax law since 1999, according to the report.
Last year, a survey by crypto exchange KuCoin found that more than half of all adults in Turkey are crypto investors. According to the study, Turkey saw a 12% increase in crypto investments from mid-2022 to September 2023, led mainly by female traders.
“Although male investors still dominate at 57%, there is an increasing trend in female participation, especially among the younger generation. Nearly half (47%) of crypto investors between the ages of 18 and 30 are women.”
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