Turkish Treasury and Finance Minister, Mehmet Simsek, has affirmed that there are presently no intentions to levy taxes on profits generated from cryptocurrencies. However, he did acknowledge that the government is contemplating the introduction of a “highly restricted” transaction tax on these digital assets, although the precise details are yet to be established. Simsek’s clarification comes in response to earlier reports by Bloomberg, which suggested that the government was deliberating on taxing these profits as part of its efforts to consolidate its fiscal position. It is worth noting that Turkey had previously diminished the tax rate on stock market profits from 10% to 0%. Officials from the Ministry have confirmed that discussions on this matter are still underway.
