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Indonesia Considers Levying Tax on Crypto Profits
The country is seeking to bolster revenue amid COVID-19.
Updated Sep 14, 2021, 12:53 p.m. Published May 11, 2021, 8:40 a.m.
Indonesia is considering a plan to tax profits on crypto trading in response to its increasing popularity.
STORY CONTINUES BELOW
- 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.
See also: Binance Invests in Regulated Indonesian Crypto Exchange
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