New Taxes Considering Capital Gains From Crypto Traders - Indonesia.
2021-05-11 | Eddy Morgan
![New Taxes Considering Capital Gains From Crypto Traders - Indonesia.]()
Neilmaldrin Noor, a spokesperson for the Indonesian Directorate General of Taxes, revealed that the authority is considering a tax scheme for capital gains generated from crypto trades, Reuters
reported earlier today on Tuesday.
“It
is vital to understand that if
there's a profit or
financial gain generated from a transaction, the profit is an object of
tax,” the official added. Noor outlined that Indonesian taxpayers who receive
financial gain from crypto trades would
need to pay the tax and report it to
the govt.
The official added that the new cryptocurrency tax scheme for capital gains has not been implemented and
remains under discussion.
The latest news comes weeks after Indonesia’s Commodity Futures Trade
regulatory authority, or Bappebti, was reported to be considering a tax on all cryptocurrency transactions. s
a part of the proposal, the authority reportedly planned to automatically deduct the tax from transactions by 13
cryptocurrency exchanges operating beneath Bappebti’s regulatory oversight. An executive at Bappebti stated that
the particular rate had not been determined as
lately in April.
Indonesia’s latest cryptocurrency tax proposals follow years of a blanket ban on payments made in crypto assets. The country’s
financial institution issued a regulation banning
the utilization of cryptocurrencies in payment systems earlier in 2017, outpacing similar bans in other jurisdictions
like Russia as well as Turkey.
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