From May, Indonesia will levy a 0.1 percent VAT on cryptocurrency transactions

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From May, Indonesia will levy a 0.1 percent VAT on cryptocurrency transactions

From May, Indonesia will levy a 0.1 percent VAT on cryptocurrency transactions
Source: WatcherGuru
1648894965 02 Apr / 10:22

The Indonesian government has announced plans to levy a 0.1 percent value-added tax (VAT) on cryptocurrency transactions and capital gains beginning May 1, 2022, in response to a surge in digital asset trade. VAT is a flat tax that is calculated on an incremental basis.

“Crypto assets will be subject to VAT because they are a commodity as defined by the trade ministry. They are not a currency” Saksama said. Hestu Yoga Saksama, an Indonesian tax official, corroborated the information.

He also stated that the administration is still working on the tax implementation regulations.

The VAT rate on bitcoin assets is lower than the 11 percent rate on goods and services in Indonesia, while the income tax on capital gains (at 0.1 percent of gross transaction value) is similar to that on shares. It’s worth mentioning that while Indonesians are permitted to exchange crypto assets as a commodity, they are not permitted to utilize them as a form of payment.

Furthermore, the Indonesian Financial Services Authority (OJK) has said unequivocally that financial institutions are not permitted to use or advertise cryptocurrencies.

The Commodity Futures Trading Regulatory Agency, which released an approved legal list of 229 crypto assets that can be traded on registered exchanges, now regulates cryptocurrency trading in Indonesia.

During the Covid-19 outbreak, interest in digital assets soared in Southeast Asia’s largest economy, with the number of crypto asset owners reaching 11 million by the end of last year. In reality, by July 2021, it was claimed that 7.4 million Indonesians had invested in cryptocurrency, more than double the figure from the previous year.

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