Indonesia imposes a tax on crypto assets: Indonesian tax authorities have announced that crypto assets will be taxed. According to tax officials, the government has declared digital assets as a commodity from May this year and announced the imposition of this value-added tax and income tax.
Briefing state media, senior government official Darhisto Yoga Saxena said the government was imposing a 0.01% capital gains tax on the proceeds of digital assets and their transactions, The collection of this tax will start from May 1.
He added that the rate of digital assets in the South Asian region increased significantly during the Universal Corona and by the end of 2021, the number of people with crypto assets had reached 11 million.
According to the Commodity Futures Trading Regulatory Agency, the trading of crypto assets in the commodity futures markets has crossed 859 trillion Indonesian rupees last year, which is ten times more than in 2020.
Crypto assets can be traded as commodities in Indonesia with legal permission, but cannot be used for payments. Heston Yoga says that the Indonesian Ministry of Commerce has defined crypto assets as a commodity and that is why it has been decided to impose this value-added tax.
He said the practice rate on digital assets should be kept below 11%, while income tax on capital gains would be levied at 0.1% of the total transaction value.