Turkey expects annual minimum $96 million from crypto asset tax

ANKARA, March 4 (Reuters) - ‌A draft ​law ​currently at the Turkish parliament is expected to generate at least ‌4.2 billion lira ($95.58 million) tax income ⁠from a levy on crypto assets, according to ‌its impact analysis.

The law ‌will generate more tax income from crypto assets but this amount cannot currently be ​calculated exactly as it will be applied for the first time, the ⁠analysis said.

Under the draft law proposed by President Tayyip Erdogan's ​AK Party, on top of a 0.03% crypto asset transaction tax, a ​10% withholding tax will ‌be collected from profits made from crypto asset transactions made on ⁠approved platforms.

The analysis report said it was not possible to calculate possible budget revenues from ⁠the tax that will be imposed on crypto ​asset profits.

Separately, a 20% special consumption tax set to be applied to some precious stones as part ‌of the draft law is expected to generate some 1.9 billion ‌lira annual income to the government ⁠budget, according to ‌the impact analysis.

($1 = ​43.9432 liras)

(Reporting by Nevzat Devranoglu; Writing by Ezgi Erkoyun; Editing by Daren ‌Butler)

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