Indonesia is Considering to Tax Crypto Profits
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11 May
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Indonesia is exploring the possibility of imposing a tax on cryptocurrency-related profits, Reuters reports.

Notably, Neilmaldrin Noor, spokesman for the country's tax office, has said the measure is still being discusses. However, if it comes into force, all profits related to digital assets would become subject to a special tax.

He has said:

"It is important to know that... if there is a profit or capital gain generated from a transaction, the profit is an object of income tax. So the tax payer who receives capital gain has to pay the tax and report it."

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Cryptos are considered a commodity in Indonesia when users use them for trading, however, they are banned as a payment instrument.

The news should not surprise anyone, as last month Teguh Kurniawan Harmanda, chief operating officer of Indonesian crypto exchange Tokocrypto, reported several institutions were discussing the introduction of a 0.05% tax on all cryptocurrency-related profits.

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