• February 28, 2024

Satoshihodler.com

All the latest cryptocurrency news

Indonesia Introduces Income Tax for Cryptocurrency Traders

Reading time: < 1 minute

The Indonesian authorities do not want to allow the use of digital currencies to pay for goods and services.

Last summer, the head of the Central Bank, Perry Warjiyo, said the regulator would not allow the lifting of the ban on the use of Bitcoin and other virtual currencies as payment instruments. He also announced the introduction of an income tax for crypto traders.

According to Reuters, the law on the taxation of traders will come into force in May 2022. The tax rate will be 0.1%.

In addition to income tax, traders will have to pay VAT, as digital assets are treated as goods by the Ministry of Commerce, according to tax authority spokesman Yoga Hestu Saksama.

The Indonesian government is also working to create a regulatory framework for the cryptocurrency industry.