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.”
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