The eighth-largest economy in continental Europe is reportedly proposing a new tax on crypto transactions.
According to a new report by Bloomberg, Turkey is seeking to raise taxes as a means of recovering its budget after it was ravaged by earthquakes in 2023.
-->The plan would haul in an estimated $7 billion for the Turkish government, according to the report.
Turkey’s Ministry of Treasury and Finance drafted the bill after two huge earthquakes and pre-election outlays caused the government to spend more money than they originally planned, putting them on track to have an estimated deficit of 6.4 of their GDP (gross domestic product).
The report details the proposal, noting that it would tax multinational corporations who accrued money in Turkey 15, require real estate investment trusts to pay a minimum corporate tax on profits made from property sales or rentals, and consider a 0.03 transaction tax on all trades involving digital assets.
The proposal, if passed, would mark the biggest overhaul of Turkey’s tax code since 1999, according to the report.
Last year, a study by crypto exchange KuCoin found that over half of all adults in Turkey are crypto investors. According to the study, from mid-2022 to September 2023, Turkey saw a 12 rise in crypto investing, mostly led by female traders.
“While male investors still dominate at a rate of 57, there is a rising trend of women’s participation, particularly among the younger generation. Almost half (47) of crypto investors aged between 18 and 30 are female.”
