{"id":22861,"date":"2022-04-01T20:24:31","date_gmt":"2022-04-01T19:24:31","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=22861"},"modified":"2022-04-01T20:24:38","modified_gmt":"2022-04-01T19:24:38","slug":"indonesia-plans-to-impose-0-1-tax-on-crypto","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/indonesia-plans-to-impose-0-1-tax-on-crypto\/","title":{"rendered":"Indonesia plans to impose 0.1% tax on crypto investments in May"},"content":{"rendered":"\n
The Indonesian government<\/a> reportedly plans to implement a 0.1 percent tax on crypto investments as well as a value-added tax, or VAT, on digital asset transactions starting May 1.<\/h5>\n\n\n\n
\"Indonesia
Indonesia plans to impose 0.1% tax on crypto investments in May<\/figcaption><\/figure><\/div>\n\n\n\n

According to a Reuters story published on Friday, Hestu Yoga Saksama, a representative for Indonesia's tax office,\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> crypto assets will be subject to “income tax and VAT” since they are “commodities as defined by the trade ministry” rather than “currencies.”<\/p>\n\n\n\n

Although the government is still debating how to apply such levies, legislation established in response to the outbreak laid the basis for collecting income from cryptocurrency transactions.<\/p>\n\n\n\n

The Indonesian Commodity Futures Trading Regulatory Agency, or Bappebti, acknowledged a claim that crypto transactions <\/a>in the country topped 83.8 trillion rupiah ($5.8 billion) in February 2022. Furthermore, from 11.2 million in 2021 to 12.4 million in 2022, the number of crypto holders climbed by more than 11%.<\/p>\n\n\n\n

Crypto status in Indonesia<\/h2>\n\n\n\n

Despite warnings against the use of digital assets for payments<\/a> as early as 2014, the Indonesian government officials had considered slapping a tax on crypto transactions several times.<\/p>\n\n\n\n

In December 2020, the Bappebti recognized more than 200 cryptocurrencies as commodities that may be lawfully exchanged, and in February 2021, it listed 13 exchanges as licensed crypto companies.<\/p>\n\n\n\n

While the Indonesian government is planning to provide a legal framework for cryptocurrencies,<\/a> culture appears to be a factor in widespread adoption.<\/p>\n\n\n\n

The National Ulema Council, a group of Islamic experts suggests around 87 percent of Indonesia's population identifies as Muslim and said in November that crypto as a transaction tool was prohibited under Indonesian religious rules. The council's decisions may provide “legislative inspiration,” but they are not legally binding in Indonesia.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Indonesian government reportedly plans to implement a 0.1 percent tax on crypto investments as well as a value-added tax, or VAT, on digital asset transactions starting May 1. According to a Reuters story published on Friday, Hestu Yoga Saksama, a representative for Indonesia’s tax office, crypto assets will be subject to “income tax and […]<\/p>\n","protected":false},"author":12,"featured_media":22863,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5292,390,1050],"class_list":["post-22861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-investments","tag-indonesia","tag-tax"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/image.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/22861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=22861"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/22861\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/22863"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=22861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=22861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=22861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}