We need to raise public awareness about cryptocurrency taxes as much as possible, and corrections should be made before it's too late. Including those who trade on foreign exchanges in the income declaration will both harm the market and knowingly or unknowingly impose a complex tax burden on many people.
⚠️ There is also no clear date regarding the start of this income tax; the draft simply states "This is the enforcement article" and moves on. Normally, it should apply to income earned after the law is published in the Official Gazette. But Turkey has had some unusual practices regarding income tax in the past. There was a law, numbered 7194, which increased income tax to 40%. It was published in December 2019. That law covered the entire year, and in March 2020, everyone filed their declarations according to the new rates. There was also Law No. 7061, the famous one, published in December 2017, which took effect from January 1, 2017. For rental income in 2017, the flat expense ratio was declared in March 2018 based on the new expense rate, meaning... If such a move is made, they could include every lira you withdrew from exchanges since the beginning of the year, i.e., January 1, 2026, and you would be required to declare and pay taxes on it by March 2027. Including those who withdrew their money from exchanges just to avoid taxes for now... I’m not saying such a thing will definitely happen, but there are many examples that could cause us concern. No one expects to never pay crypto taxes forever, but the current approach is both technically complicated and likely to cause harm to investors.
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We need to raise public awareness about cryptocurrency taxes as much as possible, and corrections should be made before it's too late. Including those who trade on foreign exchanges in the income declaration will both harm the market and knowingly or unknowingly impose a complex tax burden on many people.
⚠️ There is also no clear date regarding the start of this income tax; the draft simply states "This is the enforcement article" and moves on.
Normally, it should apply to income earned after the law is published in the Official Gazette. But Turkey has had some unusual practices regarding income tax in the past.
There was a law, numbered 7194, which increased income tax to 40%. It was published in December 2019. That law covered the entire year, and in March 2020, everyone filed their declarations according to the new rates. There was also Law No. 7061, the famous one, published in December 2017, which took effect from January 1, 2017. For rental income in 2017, the flat expense ratio was declared in March 2018 based on the new expense rate, meaning...
If such a move is made, they could include every lira you withdrew from exchanges since the beginning of the year, i.e., January 1, 2026, and you would be required to declare and pay taxes on it by March 2027. Including those who withdrew their money from exchanges just to avoid taxes for now... I’m not saying such a thing will definitely happen, but there are many examples that could cause us concern.
No one expects to never pay crypto taxes forever, but the current approach is both technically complicated and likely to cause harm to investors.