Citizens of Indonesia will need to pay VAT, income tax on capital gains
As confirmed by authorities in the nation, Indonesia is all set to introduce value-added tax and income tax on cryptocurrencies and capital gains from such investments at 0.1% each but the implementation of this new policy will take effect from May 1, 2022, confirmed the report from Reuters. The tax officials of the nation revealed the details following a surge in the popularity of cryptocurrencies in the nation.
Indonesia to tax crypto gains
Authorities in Indonesia are all set to tax the gains from blockchain-based assets which saw a huge surge in crypto investment during the Covid-19 pandemic where the count reached 11 million by the end of the year 2021. Furthermore, the report also confirmed that the Commodity Futures Trading Regulatory Agency showed a tenfold increase in the total crypto-asset transactions in commodity futures markets amounting to 859.4 trillion rupiahs ($59.8 billion)."Crypto-assets will be subject to VAT because they are a commodity as defined by the trade ministry. They are not a currency," the official, Hestu Yoga Saksama, revealed. "So we will impose income tax and VAT."He also revealed that the government of the nation is still studying the crypto industry and plans to introduce crypto regulation in the coming days. Indonesia will impose a VAT rate of less than 11% levied on most Indonesian goods and services while the income tax on capital gains will be 0.1% of the gross transaction value.
The legality of crypto in the nation
However, it is also a notable fact that trading cryptocurrencies as a commodity is legal in the nation but they cannot be used as a means of payment. On the other hand, the top Islamic scholarly body in Indonesia, the National Ulema Council or simply the MUI, declared cryptocurrencies as "haram" or forbidden by Islamic law.However, the government and citizens of the nation are not legally binding to comply with the declaration as Binance is set to open exchange in Indonesia with help from the richest family in the nation, the Hartonos.
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