Indonesia Quadruples Tax on Overseas Crypto Trades
Indonesia will hike tax rates on cryptocurrency transactions starting August 1, with sellers on domestic exchanges now facing a 0.21% tax on transaction value, while those using overseas exchanges will see their rate increase to 1%.
Crypto’s Rising Popularity Fuels Tax Adjustments
Indonesia is set to implement higher tax rates on cryptocurrency transactions starting August 1, under a new regulation issued by the finance ministry. The move reportedly targets both domestic and overseas crypto exchanges, aiming to increase state revenue from the nation’s booming digital asset market.
Cryptocurrencies have surged in popularity across Southeast Asia’s largest economy, where they are legally traded as commodities but strictly prohibited as a means of payment.