What about tax on crypto via an Indonesia exchange?
Crypto is legal in Indonesia. Residents should use exchanges registered with the Central Bank of Indonesia. Binance, Indodax, Kraken, Coinspot, Coinbase, HitBTC, Bitcoin Indonesia, Abra, Paxful, and Bitfinex are some of the more popular cryptocurrency exchanges.
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More information about INDONESIA here:
https://htj.tax/2022/04/taxes-for-digital-nomads-and-crypto-investors-in-bali-indonesia-20th-april-2022/--------------------------------------------------
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Can you confirm that the final income tax on a crypto transaction sold through an Indonesian exchange is the same rate as a sale of a share in a listed company, namely 0.1% of the sale to keep?
DICKY DARMAWI:
So true in Indonesian exchange. Okay.
DERREN JOSEPH:
Yeah
DICKY DARMAWI:
Yeah. I can confirm that if the exchange has made the systems we'd hope for the final income tax. Okay. So it is not us the seller to pay directly to the tax office. Hey, I have a sale in the crypto. No, it should be the wit holder. No, it holder will be the exchangers to it. Hope.
DERREN JOSEPH:
Okay. So, so this person needs to, you know, touch base with the actual exchange crypto exchange and make sure that they are doing the right thing and they're going to withhold them. We'll be fine. Gotcha.
DICKY DARMAWI:
Okay. This regulation, yeah. This regulation will become effective on May 1st. Yeah.
DERREN JOSEPH:
Okay. So not yet. Not yet.
DICKY DARMAWI:
Yeah.
DERREN JOSEPH:
So I mean, May is soon, but in the interim, if they sell in the interim, what should they do before me first?
DICKY DARMAWI:
It's self-assessment so, yeah. So yeah, you need to declare and pay capital gains tax them. So if you, if you, if you treat it as a capital gain, then the tax rate will be progressive.
DERREN JOSEPH:
Okay. Gotcha. Okay. James, hope that answers your question.
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