Indonesia to discuss introducing tax on cryptocurrency profits

Indonesia plans to tax profits from cryptocurrency trades. The report, сообщает Reuters, citing a representative of the tax office Nilmaldrina Nura.

According to him, the exact mechanism for taxing cryptocurrencies is under discussion.

“If a profit is earned as a result of the transaction, it is subject to income tax. The taxpayer realising a capital gain must pay the tax and report it,” Nur said.

Indonesian law equates digital currencies with exchange-traded commodities, but prohibits their use as a means of payment.

As reported by The Block, in October 2020 Indonesia accounted for 4.3% of total Bitcoin exchange traffic.

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