The government continues to be reportedly considering how to implement crypto taxes, however legislation passed in response to the pandemic set the groundwork.
The Indonesian government is reportedly planning to charge a 0.1% capital gains tax on crypto investments also as a value-added tax, or VAT, on digital plus transactions starting from day.
According to a Friday Reuters report, Hestu Yoga Saksama, a voice for Indonesia’s tax office, said the country are imposing “income tax and VAT” on crypto assets “because they're a commodity as outlined by the Trade Ministry” and “not a currency.” the govt. remains reportedly considering the way to implement such taxes, however legislation passed in response to the pandemic set the groundwork for collection revenue on cryptocurrency transactions.
Indonesia’s commodity Futures trading regulatory agency, conjointly referred to as Bappebti, confirmed a report that in February 2022, crypto transactions within the country reached 83.8 trillion rupiah — roughly $5.8 billion. additionally, the amount of crypto holders exaggerated by over 11 november, from 11.2 million in 2021 to 12.4 million.
Cointelegraph according that Indonesian governance had thought-about imposing a tax on crypto transactions over and over, despite the fact that it began warning its voters concerning mistreatment digital assets for payments as early as 2014. The Bappebti recognized over two hundred cryptocurrencies as commodities, that can be lawfully listed, in Dec 2020 and named 13 exchanges as licenced crypto businesses in February 2021.
( turner Wright, cointelegraph, 2022 )