Minister of Treasury and Finance Mehmet Şimşek made statements about cryptocurrencies in the program he attended on BloombergHT channel. He shared detailed information about the tax package, which has caused great public debate, especially recently. Şimşek stated that they aim to reduce inflation to 40% levels in October and even September, and stated that taxes will be collected from cryptocurrencies in the next tax package.
Tax statement for cryptocurrencies
In his statements, Şimşek emphasized that serious studies have been carried out on the taxation of cryptocurrencies. He stated that although the taxation of capital gains is not included in the currently prepared tax package, additional work is required on this issue. Şimşek said, “No field will remain unregistered. It will be taxed reasonably. “There will be no area left untaxed,” he said. He said that work on collecting taxes on transactions in both stock exchanges and cryptocurrency exchanges is ongoing, but the process is difficult because the system here is run through robots.
Minister of Treasury and Finance Mehmet Şimşek stated that the inflow of resources to Turkey has increased strongly in recent months. Stating that Moody’s expects Turkey to continue in a positive direction after being removed from the gray list, Şimşek said that Turkey, which entered the gray list of the Financial Action Task Force (FATF) in 2021, was removed from this list last week after meeting the necessary standards. Şimşek stated that Turkey was removed from the gray list unanimously and not a single country objected.
Şimşek added that terrorism financing will be fought strongly and MASAK’s administrative capacity will be improved with the help of artificial intelligence. Stating that studies on cryptocurrency tax are continuing, Şimşek stated that the last step that Turkey needs to take to get out of the FATF’s gray list is to prepare cryptocurrency legislation.
What will the tax package include?
The Bill on Amendments to the Capital Markets Law, which covers cryptocurrencies, was accepted at the General Assembly of the Turkish Grand National Assembly last week and became law. Şimşek also talked about the tax package they are working on and stated that the tax exemptions of REITs are being considered to be abolished and a 30% tax is planned to be imposed on build-operate-transfer companies. He also stated that crypto assets will be included in the scope of tax.
The cryptocurrency tax package seems to have a huge impact on the country’s economy. Şimşek’s statements signal the regulations to be made in this field and offer important clues about what awaits cryptocurrency investors in the future. The results of the studies on the tax package and cryptocurrencies may have a profound impact on the economy and investors.
Comments on Turkey’s economic policy
The statements of Treasury and Finance Minister Mehmet Şimşek mark the beginning of a new era in Turkey’s economic policy. In particular, the taxation of cryptocurrencies will be a significant change for those investing in this field. As Şimşek stated, ensuring that no area remains unregistered and is taxed reasonably is seen as part of Turkey’s efforts to ensure transparency and justice in its economic policy.
As a result, studies on cryptocurrency tax are progressing rapidly in Turkey. The statements of the Minister of Treasury and Finance, Mehmet Şimşek, draw a clear picture of what the steps to be taken and the regulations to be made in this process may be. For cryptocurrency investors and stock market traders, these developments are among the important issues that should be followed closely.
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