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BREAKING NEWS! Cryptocurrency tax is coming.
I deleted the previous tweet because some information was incorrectly announced; Anadolu Agency shared it more clearly.
In summary:
A 0.03% tax will be applied on every sale and transfer. This part is okay and makes sense, but from what I see, they are doing some serious overreach and an additional income tax is also coming. A 10% withholding tax will be deducted from the income you earn from your cryptocurrencies. It’s like interest withholding; so if you hold and sell for profit, the stock market will deduct 10% of your profit and pay it to the government.
If you don’t use a local exchange, you will be subject to regular income tax instead of this 10% withholding. Income from DeFi, airdrops, and gains on global exchanges when converted to TRY will all be declared according to the income tax schedule, meaning a big pump…
I commend the mind that thought of taxing both every transaction and income twice; this is called THE CRAZIEST TAX in CRYPTO.