Introduction
Türkiye’s dynamic and rapidly growing crypto sector is attracting local and international investors seeking to capitalize on new technology and financial opportunities. However, understanding the taxation landscape is essential for building a compliant, profitable, and sustainable crypto business. For both startups and established companies, failure to comply with Turkish tax laws can result in costly penalties, reputational risks, and even criminal liability. This article outlines the key aspects of crypto company taxation in Türkiye, highlighting practical advice, legal requirements, and common pitfalls that every investor and CEO must consider.
1. Legal Status of Crypto Assets and Taxation Overview
a) Crypto as an “Asset,” Not “Currency” or “Security”
Türkiye currently does not recognize cryptocurrencies as legal tender, but defines them as “digital assets” or “intangible goods” in most administrative and legal guidance.
This means all gains, sales, and transfers involving crypto are subject to taxation under general principles, but the specific regime is still developing.
b) Regulatory Bodies
- Revenue Administration (Gelir İdaresi Başkanlığı – GİB): Oversees direct and indirect taxes.
- MASAK: Focuses on AML/CTF and reporting requirements, which can affect tax audits.
- Capital Markets Board (SPK): Expected to regulate security tokens, ICOs, and related products in future law.
2. Corporate Taxation of Crypto Companies
a) Corporate Income Tax
- All crypto companies incorporated in Türkiye are subject to standard corporate income tax, currently 25% (subject to changes in the annual budget law).
- Taxable base includes profits from:
- Crypto trading and brokerage commissions
- Exchange fees
- Custody or wallet service revenues
- Software and consulting fees related to crypto activities
b) Advance Taxation
- Companies must submit advance tax declarations quarterly and pay provisional taxes based on estimated profits.
- Annual corporate tax declaration is filed in April of the following year.
3. Value Added Tax (VAT) on Crypto Transactions
a) Ambiguity in VAT Application
- As of 2025, VAT (KDV) rules for crypto assets are not explicitly regulated.
- The Revenue Administration has not issued clear guidance, but general practice is:
- Trading of cryptocurrencies between users (B2C/B2B): Currently not subject to VAT (based on the view that crypto is not a “good” or “service” in the VAT sense).
- Service fees and commissions by exchanges and brokers: Subject to VAT at the standard rate (20% as of 2025).
- Software, consulting, or other crypto-related services: Subject to VAT.
b) International Transactions
- If services are provided to non-residents, VAT exemptions for export services may apply, but only under strict conditions (e.g., service must benefit a foreign client and not relate to assets in Türkiye).
4. Withholding Tax and Dividend Distribution
- Withholding tax is applied to dividends distributed by crypto companies to shareholders, generally at a rate of 10% (may be reduced by double tax treaties).
- Interest, royalties, and service fees paid to non-residents are also subject to withholding tax at varying rates.
5. Taxation of Crypto Gains: Corporate vs. Individual
- Corporate Entities:
All crypto gains realized by a Turkish company, regardless of asset origin (e.g., foreign or local exchange), are taxable as corporate income. - Individuals:
Separate rules may apply; individuals trading crypto as a business may be taxed as entrepreneurs, while personal/occasional trading remains a legal grey area (subject to case-by-case Revenue Administration interpretation).
6. Documentation, Record Keeping, and Audit Risks
a) Mandatory Record Keeping
- Crypto companies must maintain detailed records of all transactions, user accounts, incoming/outgoing funds, and relevant contracts for at least 8 years.
- All crypto wallets, exchange logs, and related documentation must be available for potential audits by GİB or MASAK.
b) Transfer Pricing
- Transactions between related parties (e.g., group companies or affiliates abroad) must be conducted at arm’s length and properly documented, or face significant transfer pricing adjustments and penalties.
c) Audit Triggers
- Inconsistent reporting, large fluctuations, or unsubstantiated gains may trigger tax audits or MASAK investigations.
- Cross-border transfers and “cash-out” transactions are of particular interest to tax authorities.
7. International Taxation, Double Tax Treaties, and Crypto
a) Double Taxation Treaties (DTTs)
- Türkiye has DTTs with over 80 countries, which can reduce or eliminate withholding taxes on dividends, royalties, and interest paid to foreign shareholders.
- Proper documentation and residency certificates are required to claim treaty benefits.
b) Foreign-Owned Crypto Companies
- Profits remitted abroad may be subject to additional reporting and, in some cases, advance notification to the Central Bank of Türkiye.
c) International Tax Transparency
- Türkiye is part of the OECD’s Common Reporting Standard (CRS) and exchanges information with other tax authorities.
- Crypto companies must be prepared for cross-border information sharing and compliance.
8. Upcoming Regulatory Changes and Investor Risks
- The forthcoming Crypto Asset Law is expected to bring new definitions, tax rules, and potentially special taxation regimes for certain crypto products.
- Until such law is enacted, all companies must adhere to general tax rules and be prepared to adapt swiftly.
Risks:
- Retrospective tax assessments for past periods
- Unannounced changes in VAT or income tax policy
- Additional obligations for reporting and client information
- Potential criminal liability for tax evasion, non-declaration, or improper recordkeeping
9. Practical Recommendations for CEOs and Investors
- Hire experienced tax advisors specialized in Turkish crypto regulations.
- Implement robust, automated accounting and recordkeeping systems (including blockchain transaction logs).
- Prepare for regular internal and external audits.
- Stay up to date with legislative developments—plan for regulatory change.
- Disclose all business activities transparently to tax and banking authorities.
- Consider international tax planning if foreign shareholders or cross-border operations are involved.
10. Conclusion
The tax landscape for crypto companies in Türkiye is still evolving, but ignorance of the law is no excuse. CEOs and investors must adopt a proactive, compliance-first approach; aligning operations, reporting, and strategy with current tax regulations and preparing for future changes.
A well-structured tax plan will protect profits, satisfy authorities, and build investor confidence as Türkiye’s crypto sector matures.
Stj.Öğr.Esmanur AKTAŞ
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