Turkey expects annual minimum $96 million from crypto asset tax

ANKARA, March 4 (Reuters) - A draft law currently at the Turkish parliament is ‌expected to generate at least 4.2 billion ‌lira ($95.58 million) tax income from a levy on crypto ​assets, according to its impact analysis.

The law will generate more tax income from crypto assets but this amount cannot currently be calculated ‌exactly as it ⁠will be applied for the first time, the analysis said.

Under the draft ⁠law proposed by President Tayyip Erdogan's AK Party, on top of a 0.03% crypto asset ​transaction tax, ​a 10% withholding ​tax will be ‌collected from profits made from crypto asset transactions made on approved platforms.

The analysis report said it was not possible to calculate possible budget revenues from the tax that will be ‌imposed on crypto asset ​profits.

Separately, a 20% special consumption ​tax set ​to be applied to some precious ‌stones as part of ​the draft ​law is expected to generate some 1.9 billion lira annual income to the government ​budget, according ‌to the impact analysis.

($1 = 43.9432 liras)

(Reporting by ​Nevzat Devranoglu; Writing by Ezgi Erkoyun; ​Editing by Daren Butler)