Finance, Capital Markets Board (CMB) and the Central Bank of the Republic of Turkey (TCMMB) took a similar Bitcoin virtual currency to examine. If virtual money is called 'commodity', those who earn money from it will be subject to income tax.

CMB against the possession of securities

 Stating that the name of the virtual money is the main condition for taxation, Ertürk noted that they are standing on three names. Bitcoin is regarded as a 'commodity'. The second is 'securities' and the third is 'money'.

Ertürk stated that the CMB opposes the definition of securities and summarized the attitude of the CMB as follows:

"The CMB states that Bitcoin does not conform to the definition of its own securities. First of all, it should be a real product based on securities. "

The experts of the Central Bank say that they are saying that Bitcoin can not be called "money" because a state of money is a state, more precisely a central bank, and if it is a fictitious one, it should be printed on a value shoehorn.

Central Bank and CMB's attitude reinforces the marks will accept Turkey's virtual currency as a commodity. Erturk also reminded that by giving the example of Canada, this country regarded Bitcoin as a commodity. We can draw the conclusion that the trend of the Revenue Administration is in this direction, though it is not clear yet.

If there is a commodity, there is income tax and VAT

Bitcoin's name is a prerequisite for the taxpayer's tax. After this name is put, the winners will be taxed. Ertürk, as a weighty opinion at this point, if Bitcoin is considered as a commodity, it can be taxed in two ways. If a person buys and sells Bitcoin once and has earned an income therefrom, this gain will be taxed either as a gain in value gain or as a gain in the risk. In 2017, if a person earns more than 24,000 liras, he has to declare it and pay his tax. If a person buys and sells Bitcoin constantly and earns income from it, then in this case you have to pay income tax declaration and pay income tax from your income. This rate starts at 15 percent and goes up to 35 percent. Immediately, I have to pay 18 percent VAT.

Once bought and sold must cross 24,000 liras

For those who receive and sell Bitcoin once it is accepted as a commodity, this gain can be regarded as a win. In order to declare the earned income and pay the tax, the income in 2017 must exceed 24,000 liras. The portion exceeding 24,000 liras is declared and taxed with annual declaration like other incomes. If this amount is insurmountable, it is not subject to banner and tax.

There is income tax if securities are available VAT not available

If Bitcoin is considered as a security, then the income tax has to be paid. This time, however, earnings will be valued as gain, and an important point is that VAT will not be paid differently from the order. Securities counted representing the many Erturk will also bring problems, especially that of the platform which was installed in the country and draws attention to the case of agreements between these countries and Turkey. It is also a condition of securing other conditions provided by the law for taking taxes from the securities gains. On the other hand said the Bitcoin income obtained from a country mainly from Turkey or is not yet formed a consensus. Finally, if Bitcoin is regarded as a monetary counterpart of the Central Bank for the time being, it will be valued as if you buy and sell euro or dollar, and no tax will be charged.

Securities limit of TL 11.000

If Bitcoin is regarded as a security, income tax declaration must be issued and the income for tax payment must exceed 11,000 liras by 2016. For less than 11,000 liras, there is no need for taxation.

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