HomeLatest NewsIndonesia Mulls Tax on Cryptocurrencies Following Surge in Interest, Reuters Says

Indonesia Mulls Tax on Cryptocurrencies Following Surge in Interest, Reuters Says

The rapid growth in cryptocurrencies has fuelled a rise in investment in the South-East Asian nation this year, Reuters says, with the country’s largest crypto exchange site, Indodax, now recording three million active subscribers.

  • Neilmaldrin Noor, a tax official in Indonesia told Reuters: “It is important to know that if there is a profit or capital gain generated from a transaction, the profit is an object of income tax. So the tax payer who receives capital gain has to pay the tax and report it”
  • The nation’s Financial Services Authority officially discourages investments in cryptocurrencies, citing their volatility and lack of underlying value
  • It is illegal to use cryptocurrencies as a means of payment in Indonesia, but they can be traded
  • Indonesia has been particularly hard hit by the COVID-19 pandemic, and the state is keen to balance its books. A taxation policy for cryptocurrencies remains at the discussion stage, however, Noor added

Link to Source:
https://www.reuters.com/article/indonesia-tax-crypto-currency/indonesia-considers-plan-to-tax-trade-in-cryptocurrencies-idUSL4N2MY0V7

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