The tax organization has stated that with the suitable infrastructure and the launch of a national cryptocurrency by the central bank, it will be possible to identify user transactions and collect taxes on the income generated from these transactions. Businesses active in the cryptocurrency sector are subject to tax payment according to Article 93 of the Direct Taxes Act. However, due to the untraceable nature of many cryptocurrency transactions conducted outside domestic platforms, taxing this sector has been challenging. The tax organization’s spokesman mentioned that identifying income from foreign cryptocurrencies transactions will only be possible if an information platform is created in the banking transaction system. Currently, tax-free cryptocurrency transactions are taking place without any obstacles. Nevertheless, if the central bank establishes a national cryptocurrency along with wallets and domestic infrastructure, the tax organization will be able to identify and tax these transactions. Regarding transactions involving cryptocurrencies like Tether, it was stated that these transactions are not easily traceable at present. However, if transactions are conducted within the domestic cryptocurrency framework approved by the central bank, more transparency will be achieved, enabling the identification of these transactions. Lastly, the process of drafting tax laws related to cryptocurrencies was emphasized to require approval by the parliament. The tax organization and the central bank can propose suggestions, requiring the collaboration of the Ministry of Economy, particularly the tax organization.
