If this goes through, Turkish citizens transacting more than 5 in the country will be fined 10% of the transacted amount. Turkey plans to impose a limit on cash payments and is considering imposing a 10% fine on anyone spending more than 7,000 Turkish liras (5). The Turkish Revenue Administration started taking suggestions for the draft amending the General Communiqué of the Tax Procedure Law No. 459. The amendments place a 5 barrier to cash payments, leaving individuals and businesses to transact amounts greater than that through banks. “The Revenue Administration (GİB) opened the Draft Communiqué on Amendments to the Tax Procedure Law General Communiqué (Sequence No: 459) to public opinion,” a translated version of a post published by Turkish media page BPT Haber read. “If the
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If this goes through, Turkish citizens transacting more than $205 in the country will be fined 10% of the transacted amount.
Turkey plans to impose a limit on cash payments and is considering imposing a 10% fine on anyone spending more than 7,000 Turkish liras ($205). The Turkish Revenue Administration started taking suggestions for the draft amending the General Communiqué of the Tax Procedure Law No. 459. The amendments place a $205 barrier to cash payments, leaving individuals and businesses to transact amounts greater than that through banks.
“The Revenue Administration (GİB) opened the Draft Communiqué on Amendments to the Tax Procedure Law General Communiqué (Sequence No: 459) to public opinion,” a translated version of a post published by Turkish media page BPT Haber read. “If the regulation comes into force, end consumers will also be included in the scope of the documentation requirement. Those subject to the documentation requirement will be required to use banks, PTT or intermediary financial institutions for payments and collections exceeding 7 thousand liras.”
Such measures are unseen in other jurisdictions. Turkey’s yet-to-be-finalized strict approach will drastically reduce money laundering efforts and increase its tax revenues. The Financial Action Task Force (FATF) removed Turkey from its money laundering grey area this year. In the months after, the country looks to increase tax-related penalties and improve its tax collection.
How Does This Affect Crypto?
The crypto community evidently wonders how the amendment can affect the asset class should it kick in. Due to crypto being banned as a payment vehicle in the country, not much. The Turkish Central Bank brought regulations banning crypto payments in 2021. However, nobody in the country knows what the penalties for getting caught transacting crypto are due to it being enforced by the central bank and not Turkey’s parliament.