Taxation for Crypto Money Bitcoin! (Turkey The Central Bank)
Bitcoin Name:
A digital currency that the government can not control without a relationship with a bank, official establishment, etc. Taxation for bitcoin is coming. Bitcoin and its derivatives, which have been on the market for many years but have just begun to talk, are constantly on the rise and should be given priority in order to become taxable. The Capital Markets Board, the Central Bank and Finance are trying to find names for Bitcoin. It is not clear yet whether a bitcoin's order will be called as securities or as money. According to the CMB, Bitcoin does not comply with the definition of securities provided that "there was a need for a bond on the basis of the securities". The experts of the Central Bank say that one must be printed to evaluate the Central Bank for printing one or more coins.
Bitcoin "Commodity" If Income Tax + VAT:
The attitude of the Central Bank and the CMB points out that Bitcoin will be regarded as a commodity. If Bitcoin and other crypto money are considered as commodities, this will be taxed in two ways. If the person is dealing with Bitcoin trading and has earned income from it, then this gain will be taxed as gain of gain or loss of gain. Belt gain wanted to declare it over 24.000 TL and pay the tax. The second type of taxation; Income tax. If the person constantly buys and sells Bitcoin, and if he generates an income from it, he has to pay income tax as he earns income tax return. The tax rate ranges from 15% to 35%, plus a VAT of 18%.
Who will be taxed, how will the tax be calculated?
The stubbornness of plants depends on the naming of Bitcoin. Bitcoin, if it is named as financial asset (securities or other capital market instrument), must be taxed as value increase gain. However, in 2016 there is an excess of 11,000 TL. Declaration for less than TL 11,000, tax is not a question. If bitcoin is called money, one of the income components of the GVK will not enter from one. If bitcoin is called commodity, it will be taxed according to commercial profit provisions.