Indonesia’s Internal Revenue Service is considering taxing income from digital asset trading.
Earlier, plans to impose a tax on all cryptocurrency transactions in the country were reported by the Indonesian Futures Market Observatory (Bappebti). It seems that the regulator has sent a proposal to the tax office. According to the representative of the department, Neilmaldrin Noor, the relevant document is currently under discussion.
“You need to understand that if a trader makes a profit or other income from a cryptocurrency transaction, then income tax must be paid from this income. So every trader must report income from cryptocurrency transactions and pay tax, ”the official stressed.
It seems that the country’s authorities have decided to take advantage of the growing popularity of cryptocurrencies in Indonesia and increase budget revenues. For example, the number of Indodax platform users increased from 2.3 million at the beginning of the year to 3 million by April.
The COO of the local cryptocurrency exchange Tokocrypto, Teguh Kurniawan, has proposed a tax of 0.05%. This is even less than the tax on income from trading in stocks, which is 0.1%.
Recall that in 2017, Indonesia banned the use of cryptocurrencies as a means of payment, however, a year later, digital asset trading was allowed under the guise of exchange commodities.
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