Indonesia is considering taxing capital gains when trading cryptocurrencies

Neilmaldrin Noor, a spokesman for the Indonesian tax directorate, said the agency was considering a tax regime for capital gains from trading in cryptocurrencies.Reuters reported on Tuesday.

“It is important to understand that any gain or capital gain made from a transaction is subject to income tax,” the official said. Noor said that Indonesian taxpayers who receive capital gains from cryptocurrency operations should pay the tax and report it to the government.

The official noted that the new crypto tax system for capital gains has not been implemented and is still being discussed.

Indonesia is considering taxing capital gains when trading cryptocurrencies
Indonesia is considering taxing capital gains when trading cryptocurrencies

The latest news comes weeks after it was reported that the Indonesian Commodity Futures Trading Authority (Bappebti) is considering a tax on all cryptocurrency transactions. As part of the proposal, the agency planned to automatically deduct the tax from transactions by 13 cryptocurrency exchanges operated under the supervision of Bappebti. A Bappebti executive said the actual tax rate was not set at the end of April.

Indonesia’s latest crypto tax proposals come after years of a blanket ban on payments in crypto. The country’s central bank issued an ordinance in 2017 banning the use of cryptocurrencies in payment systems and lifting similar bans in other countries such as Russia and Turkey.

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