Financial authorities of Turkey introduce a renewed guidelines for crypto companies which are operating their business in Turkey. They specifically mentioned the strict Tax system with some regulation guidance.
According to a report by CNN Turk, The Republic of Turkey Ministry of Treasury and Finance applies tax and cryptocurrency regulations to all companies which are operating their business & related services in cryptocurrency.
The Ministry of Treasury and Finance of Turkey confirmed that the crypto tax and regulations guideline is applied to all the crypto related services whether they are Bank, Sports club or crypto service provider. All will come under these guidelines.
All the organisations are required to follow the guidelines and also they have to pay the tax to the tax authorities with proper information. It will also include procedures for notifying taxpayers.
The ministry also introduced mandatory notification for those people who are managing legal corporate entities or no corporate will define its real beneficiary. And also the companies are required to define the real beneficiaries of the taxpayer and also should define their corporate tax details clearly, that means if a company is operating his business then that company will pay tax and also that company will give information of tax for their service users.
They emphasized the point of the real identity of the user with a tax record. Authorities said that every company should provide all the information of their beneficiary whether it is his name or surname, mobile no., email, citizenship and also the reason of the person to be your beneficiary.
Clearly their rules are going to be strict because Turkey’s authorities are not ready to leave any person without paying tax even by mistake.
But one thing here, is giving relief, the taxpayer will have to hang on to the information sent electronically for five years. This is clearly meaning that they don’t need to hire any third person to handle the tax calculation and submission of the tax file.