Turkey Makes Significant Tax Reforms To Boost Revenue

The post Turkey Makes Significant Tax Reforms To Boost Revenue appeared first on Coinpedia Fintech News

Turkey made significant tax reforms to boost revenue after facing earthquakes last year. The new measures are projected to bring in an extra 226 billion liras for state coffers, equating to around $7 billion or 0.7% of Turkey’s GDP. The government is planning to introduce a 0.03% tax on crypto trading. This crypto tax could rake in an annual 3.7 billion liras. These tax reforms signal Turkey’s determination to get its fiscal house in order amidst its major economic turmoil. President Erdogan’s party has introduced regulations for crypto service providers to enhance compliance with global standards.