Indonesia Considers Levying Tax on Crypto Profits
The country is seeking to bolster revenue amid COVID-19.
May 11, 2021 at 8:40 a.m. UTCUpdated Aug 19, 2021 at 9:19 a.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/SZ75U7F35VAPPJSBU26KBT3H2I.jpg)
Indonesia is considering a plan to tax profits on crypto trading in response to its increasing popularity.
- Neilmaldrin Noor, an Indonesian tax official, said Tuesday that the country is examining ways to bolster tax revenue amid the COVID-19 pandemic, Reuters reported.
- “If there is a profit or capital gain generated from a transaction, the profit is an object of income tax,” Neilmaldrin said.
- The country’s central bank announced in January 2018 that crypto is “not a legitimate instrument of payment,” though trading is permitted.
- There are 4.45 million crypto investors in the country, more than twice the number of equity investors, according to Indonesia's commodity futures trading regulatory agency, Bappebti.
STORY CONTINUES BELOW
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)