İdris Şenyurt, Vice President of Revenue Administration, made a statement regarding the taxation of cryptocurrencies. President Şenyurt explained the points to be taken into account regarding the taxation of cryptocurrencies and income from these investment instruments.

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According to the information provided by lawyer Oğuz Evren Kılıç, Şenyurt used the following statements:

“There are 3 types of earnings that can be taxed from crypto assets: Platform earnings, miners’ earnings, and investors’ earnings. Investors’ earnings are currently not taxable and have no place in the law. Legal regulation is required for taxation. First of all, crypto assets should be defined. The general trend in the world is that there is an intangible asset. The definition must be added to the Income Tax Law. Then taxation can be made. Earnings obtained through platforms can be taxed with withholding, while earnings from abroad can be taxed by declaration. A tax of 5-10% may be imposed on domestic earnings and up to 40% on earnings from abroad. We think that crypto assets should be exempted from VAT, BSMV can be taken, and domestic investment should be encouraged by taxes. Transactions abroad will be handled by automatic information exchange between countries.”

No Taxation on Previous Earnings

Şenyurt also made statements about whether there will be taxation on earnings before the legal regulation. Senyurt said:

“Due to the principle of non-retroactivity of laws, there will be no taxation on earnings before the enactment of the legal regulation.”