Indonesia plans to tax cryptocurrency transactions
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Answer Indonesia plans to tax cryptocurrency transactions
Indonesia is considering a move to tax cryptocurrency transactions after local investors increased interest in it, according to Reuters.
The move is said to be motivated – at least in part – by Indonesia’s desire to boost the country’s income amid the economic damage caused by the ongoing coronavirus pandemic.
Mr. Nimaldrin Nur, a spokesperson for the Indonesian Tax Office stated:
It is important to know that if there is a profit or gain resulting from a transaction, the profit is the subject and focus of income tax.
So the taxpayer who receives the capital gains must pay the tax and report it.
Cryptocurrencies and Indonesia:
In Indonesia, cryptocurrencies are prohibited as payment instruments but individuals can trade them as commodities.
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The sector has grown in recent years.
Indonesia-based cryptocurrency exchange Indodax increased its user base to around 3 million in April, up from 2.3 million at the end of last year and 1.5 million in 2019.
However, Indonesia has not had a completely smooth transition into the cryptocurrency industry.
Two years ago, Harry Denley, Director of Information Security at MyCrypto, told:
Indonesia was among the most present countries in terms of victim rates in cryptocurrency scams.
Besides the Southeast Asian country there are also Nigeria, the United States and Vietnam.
Denley pointed out that the best way to deceive cryptocurrency users is usually through routine frauds such as promising to provide a set of digital currencies by distributing them for free, and their value is usually announced in a good amount of dollars, and they are asked to provide private information And sometimes the private keys to the wallet.
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