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Thodex CEO sentenced to Turkish prison for failure to submit tax documents

Three months after Thodex founder and former CEO Faruk Fatih Ozer was detained in Turkey, he obtained a jail sentence of seven months and 15 days for failing to submit requested paperwork throughout his trial.

Theodex was as soon as one of many largest crypto exchanges in Turkey earlier than it instantly shut down and Ozer fled to Albania. Following an Interpol pink discover, Ozer was extradited again to Turkey to be held accountable for stealing roughly $2 billion value of cryptocurrencies from traders.

Whereas Ozer maintained innocence all through the trial from October 30, 2021, he did not submit requested paperwork to the Tax Inspection Board. He denied being in possession of Theodex on the time, which prevented him from furnishing the requested books. He additional claimed {that a} trustee was appointed to run the enterprise on his behalf in the course of the stated time-frame.

Ozer’s prosecutor initially sought a five-year jail sentence for “trafficking” beneath the Tax Process Legislation, Hürriyet Each day Information reported. The court docket initially sentenced the crypto entrepreneur to 1 yr and 6 months’ imprisonment, which was later diminished to seven months and 15 days. Causes for the sentence discount embrace Ozer’s social relationships, and total conduct and conduct in the course of the trial.

Along with the tax-related costs, Ozer has additionally been charged with defrauding Thodex traders and is awaiting trial on the alleged costs. The entrepreneur has been denying the allegations and claims that he has been framed by the defendants.

Linked: Turkey to make use of blockchain-based digital identification for on-line public providers

A latest research by Swedish crypto tax agency Divli reveals that 99.5% of crypto traders won’t pay taxes in 2022.

Tax cost fee of crypto traders in 2022. Supply: divli

The report estimates that Finland has the very best proportion of crypto traders who paid the required taxes on crypto in 2022 at 4.09%, with Australia coming second with 3.65%.

Nevertheless, the methodology used to succeed in the estimate stays questionable because the report states that the search quantity knowledge might not precisely replicate the precise variety of crypto taxpayers, as not everybody who pays tax owns crypto. Doesn’t seek for tax-related info on-line.