Turkey introduced a 0.03% tax on cryptocurrency transactions

Today I read an article shared by Josh O'sullivan on the cointelegraph news portal where he indicates that, "Turkey introduced a 0.03% tax on cryptocurrency transactions as part of a major tax reform to address the budget deficit caused by the recent earthquakes."

O'sullivan also mentioned in his article, "The move aims to address the country's budget deficit caused by the 2023 earthquakes and proposes a change in the approach to regulating financial transactions"

In this vein, "The Turkish government's proposed fiscal reforms are expected to generate 226 billion liras (USD 7 billion), equivalent to about 0.7% of the country's gross domestic product. The Ministry of Finance and Treasury, led by Mehmet Simsek, drafted legislation for parliamentary discussion at the end of June."

It has also been indicated that there is a change of fiscal course in Turkey, this because, "Despite previously denying that it planned to tax cryptocurrency and stock gains, the Turkish government is now considering specific transaction taxes to ensure comprehensive financial regulation."

The truth is that, "Previous attempts to pass transaction taxes have faced considerable opposition, and a political contest is anticipated in this current effort," hence, "e expect President Recep Tayyip Erdogan's ruling party, which has a parliamentary majority, to pass the proposed legislation and enforce the new 0.03% transaction tax"

Cointelegraph. Turkey targets crypto with new 0.03% transaction tax. Link

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph