Turkey Slaps 10% Crypto Tax and 0.03% Transaction Levy in Sweeping Bill
Key Takeaways:10% Withholding Tax on Crypto Gains0.03% Transaction Tax on Sales and TransfersPresidential Authority to Adjust RatesFIFO Method and Platform Reporting Rules
When the investors purchase the same crypto asset on varying dates and sell not all, the first-in, first-out (FIFO) rule will be used to calculate tax based on the cost basis. Charges and tax on selling and purchasing are included in the cost. Platforms would be required to make more than one trade based on the same type of asset in a withholding period in a single calculation. They also have to report the withheld taxes within the 26th day of the next month.About Author
