Turkey Eyes Crypto Tax for Post-Quake Recovery. 🇹🇷📃
Amidst post-earthquake economic strain, Turkey considers taxing crypto transactions to bridge a budget deficit of 6.4% of its GDP. This new tax could generate $7 billion, making it a significant fiscal tool for the country.
Proposal Highlights:
🔹15% tax on multinational firms' earnings 🔹Minimum tax on real estate profits
🔹0.03% tax on all crypto transactions
This sweeping tax reform targets various sectors, including the thriving crypto market, where over half of Turkish adults invest in digital assets.
Impact on Crypto Investors
The proposed tax could impact the growing number of Turkish crypto users, particularly women, who are increasingly participating in the market.
Outlook:
Turkey's Ministry of Treasury and Finance hopes this new tax will stabilize the economy and fund recovery efforts. However, the potential impact on the crypto market and its investors remains to be seen.
