As a researcher with extensive experience in studying economic policies and their impact on various sectors, I find this proposed amendment by Turkey intriguing yet somewhat concerning. Having worked extensively in regions with similar financial regulations, I have seen both the positive aspects of reducing money laundering efforts and increasing tax revenues, as well as the potential drawbacks that can affect everyday citizens and small businesses.
If implemented, Turkish citizens conducting transactions exceeding $205 within the country will face a fine equivalent to 10% of the transaction value.
Turkey is contemplating a restriction on large cash transactions and proposes a fine of 10% for any person exceeding a spending limit of 7,000 Turkish liras ($205). The Turkish Tax Administration has initiated discussions for modifying the General Communiqué of the Tax Procedure Law No. 459. These modifications aim to establish a $205 threshold for cash transactions, requiring individuals and businesses to process larger amounts through banks instead.
The Turkish Revenue Administration (GİB) has made public a proposed change to the Tax Procedure Law, known as Communiqué No: 459. If enacted, this change could extend the documentation requirement to include end consumers. Those subject to this requirement would then be obligated to use banks, postal services (PTT), or financial intermediaries for transactions exceeding 7,000 Turkish Liras in value.
In contrast to other regions, Turkey is considering a tough new strategy to combat money laundering, which could significantly decrease illicit financial activities and boost its tax income. This year, the Financial Action Task Force (FATF) took Turkey off its money laundering watchlist. Since then, the country has been focusing on raising penalties related to taxes and improving its tax collection methods.
How Does This Affect Crypto?
It seems that the cryptocurrency community is curious about how this amendment might impact their asset class if it takes effect. Given that cryptocurrencies have already been prohibited as a means of payment within the country, its influence may not be significant. The Turkish Central Bank enacted regulations banning crypto payments back in 2021. However, there is a lack of clarity regarding the penalties for engaging in cryptocurrency transactions because the enforcement is being handled by the central bank rather than Turkey’s parliament, making the consequences unclear to most people within the country.
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2024-09-13 20:58