Contents
Understanding NFT Taxation in Turkey
As NFT trading grows in Turkey, investors must understand how to report profits compliantly. While Turkey lacks specific NFT tax laws, profits generally fall under:
- Capital Gains Tax: Applies if NFTs are held as investments (15-40% rates based on income bracket)
- Business Income Tax: For professional traders (15-35% corporate tax rates)
- VAT: Not currently applied to crypto/NFT transactions
4 Steps to Report NFT Profits
- Calculate Net Profit
- Sale price minus acquisition cost
- Include gas fees and platform commissions
- Determine Tax Category
- Occasional sales: Capital gains
- Frequent trading: Business income
- File Annual Tax Return
- Form BİM-103 for individuals
- March 1-25 deadline for previous year
- Make Payments
- Two advance payments (March/August)
- Final settlement by March 25
Required Documentation
- Wallet transaction histories
- Exchange/marketplace statements
- Bank transfer records
- Smart contract details
NFT Tax FAQ (Turkey)
1. Are NFT losses deductible?
Yes – losses can offset capital gains for 5 years.
2. How are airdropped NFTs taxed?
Treated as income at fair market value during receipt.
3. Do I pay tax on NFT-to-NFT trades?
Yes – taxable event based on TL value at transaction time.
4. What about foreign platforms?
All global NFT profits must be declared to Turkish authorities.
Penalties for Non-Compliance
- 10-35% late payment fines
- 20-100% underreporting penalties
- Criminal charges for tax evasion over 50,000 TL
Pro Tip: Use crypto tax software like Koinly or CoinTracker to automate Turkish tax reports.
Always consult a certified vergı uzmanı (tax specialist) familiar with blockchain transactions for complex cases.
