• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Friday, February 3, 2023
Cameron County News Online
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home Technology Crytpocurrency

Indonesia To Impose VAT, Income Tax On Crypto Assets From May – U.S. News & World Report

by NewsReporter
April 1, 2022
in Crytpocurrency
Reading Time: 1 min read
indonesia-to-impose-vat,-income-tax-on-crypto-assets-from-may-–-us.-news-&-world-report
Share on FacebookShare on Twitter

JAKARTA (Reuters) – Indonesia plans to charge value-added tax (VAT) on crypto asset transactions and an income tax on capital gains from such investments at 0.1% each, starting from May 1, a tax official said on Friday, amid a boom in digital asset trading.

Interest in digital assets has surged in Southeast Asia’s largest economy during the COVID-19 pandemic, with the number of crypto asset holders jumping to 11 million by the end of 2021.

Last year’s total crypto asset transactions in commodity futures markets reached 859.4 trillion rupiah ($59.8 billion), up more than 10 times from 2020’s transaction value, data from the Commodity Futures Trading Regulatory Agency showed.

Indonesians are allowed to trade crypto assets as a commodity but not to use them as a means of payment.

“Crypto assets will be subject to VAT because they are a commodity as defined by the trade ministry. They are not a currency,” the official, Hestu Yoga Saksama, told a media briefing. “So we will impose income tax and VAT.”

The government is still working on the implementing regulation for the taxes, he added.

The VAT rate on crypto assets is well below the 11% levied on most Indonesian goods and services, while the income tax on capital gains, at 0.1% of gross transaction value, matches that on shares.

Officials said a wide-ranging tax law passed last year was the legal basis for taxes on crypto assets. That law aimed to optimise revenue collection hit by the aftermath of the COVID-19 pandemic.

($1=14,367 rupiah)

(Reporting by Stefanno Sulaiman; Editing by Gayatri Suroyo and Clarence Fernandez)

Copyright 2022 Thomson Reuters.

Related Posts

bitcoin,-ethereum,-crypto-news-and-price-data-–-coindesk

Bitcoin, Ethereum, Crypto News And Price Data – CoinDesk

by NewsReporter
April 14, 2022
0

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies...

be[in]crypto-video-news-show:-the-lightning-network-–-beincrypto

Be[In]Crypto Video News Show: The Lightning Network – BeInCrypto

by NewsReporter
April 14, 2022
0

In this episode of BeCrypto’s Video News Show, host Juliette Lima explains Bitcoin’s popular Layer-2 payment solution, the Lightning Network. While Bitcoin usage has increased dramatically, this has come with a subsequent uptick in transaction times and fees. At a lackluster seven transactions per second, Bitcoin’s network is effectively inefficient...

bitcoin,-ethereum,-crypto-news-and-price-data-–-coindesk

Bitcoin, Ethereum, Crypto News And Price Data – CoinDesk

by NewsReporter
April 13, 2022
0

Brandy covers crypto-related venture capital deals for CoinDesk. Context, an app that allows users to “follow” the transactions of any crypto wallet, has raised $19.5 million in a funding round co-led by Variant Fund and OpenAI CEO Sam Altman, the company tweeted on Wednesday. The Block previously reported on the...

justin-bieber,-gwyneth-paltrow-and-ashton-kutcher-are-among-dozens-of-celebrity-investors-piling-into-crypto-startup-moonpay-–-cnbc

Justin Bieber, Gwyneth Paltrow And Ashton Kutcher Are Among Dozens Of Celebrity Investors Piling Into Crypto Startup MoonPay – CNBC

by NewsReporter
April 13, 2022
0

MoonPay CEO and co-founder Ivan Soto-Wright speaking at the Bitcoin 2021 conference in Miami, Florida.Eva Marie Uzcategui | Bloomberg | Getty ImagesWhat do Justin Bieber, Gwyneth Paltrow, Snoop Dogg and Ashton Kutcher all have in common? Aside from being A-list celebrities, they're among more than 60 new investors in fintech...

Cameron County News Online

© 2021 Salt Lake City News Now

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 Salt Lake City News Now

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT