Stay compliant with crypto tax in Indonesia. Learn about the commodities regulator’s request for crypto investors. Get expert advice and guidance on managing your cryptocurrency taxes.
The Indonesian Money Service has been requested to assess the implementation of digital currency fees by the country’s Product Futures Trading Regulatory Agency. In recent months, Indonesia’s revenue from crypto-based transactions has been higher than that generated by fintech companies.
The cryptocurrency industry has been generating more revenue than fintech companies.
The Ware Prospects Exchanging Administrative Organization (CFTSA) in Indonesia has reportedly requested that the country’s finance ministry review the implementation of cryptocurrency taxes. The regulatory authority has made this request as revenues from cryptocurrency activities have surpassed those from fintech companies.
As indicated by a report by Bisnis.com, Indonesia is assessed to have gathered almost $2.5 million (IDR39.13 billion) from digital currency-related exercises. This sum essentially outperforms the $2.03 million accumulated from fintech organizations. In the entire of 2023, Indonesia gathered $41.2 million from crypto exchanges and almost $28 million from fintech organizations
Starting May 2022, Indonesia has implemented a value-added tax of 0.11% on every cryptocurrency transaction made on registered platforms, and also an income tax on crypto asset transactions. The head of CFTSA’s Market Development and Development Bureau, Tirta Karma Senjaya, has highlighted the significance of assessing these taxes in a recent report.
“We hope that the Director General of Taxes will commit to evaluating the tax policies regarding cryptocurrencies, as the crypto industry is becoming a significant part of the financial sector. This evaluation is necessary because the current regulations have been in place for over a year. Normally, tax policies are evaluated annually,” said Senjaya.
Read more
A Turbulent Year for NFTs and Blockchains
Binance: Nigerian Government Slaps $10 Billion Fine on BNB
Article source: News.bitcoin.com
