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Indonesia plans to impose taxes on cryptocurrency transactions

 

Indonesia crypto

Indonesia is considering making a move to tax cryptocurrency transactions after increasing local investor interest in them.


The move is said to be driven, at least in part, by Indonesia's desire to boost the country's income amid the economic damage from the ongoing coronavirus pandemic.


Neilmaldrin Noor, a spokesman for the Indonesian tax office, stated:


It is important to know that if there is a profit or gain resulting from a transaction, then the profit is the subject and focus of the income tax.


So the taxpayer receiving the capital gain must pay and report the tax.

 Cryptocurrencies and Indonesia:

In Indonesia, cryptocurrencies are prohibited as payment instruments but individuals can trade them as commodities.

The sector has grown in recent years.

Indonesia-based cryptocurrency trading platform Indodax increased its user base to nearly 3 million users in April, up from 2.3 million at the end of last year and 1.5 million in 2019.

However, Indonesia did not have a completely smooth transition to the cryptocurrency industry.

Two years ago, Mr. Harry Denley told the Director of Information Security at MyCrypto:

Indonesia was among the countries with the highest number of victims of cryptocurrency scams.

Besides the Southeast Asian country there are also Nigeria, the United States, and Vietnam.

Denley pointed out that the best way to deceive cryptocurrency users is usually through routine fraud such as promising to provide a set of digital currencies by distributing them for free, and their value is usually announced in a good amount of dollars, and they are asked to provide private information. And sometimes the private keys of the wallet.

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