Indonesia Considers Levying Tax on Crypto Profits

Indonesia is considering a plan to tax profits on crypto trading in response to its increasing popularity.

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.

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Indonesia Considers Levying Tax on Crypto Profits

The country is seeking to bolster revenue amid COVID-19.

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