VAT on Crypto

[Suba]

The Indonesian government through the Directorate General of Taxes has determined to apply a value added tax, for every cryptocurrency purchase of 0.1%, the application of VAT will take effect from May 01, 2022. So that every crypto buyer will receive an additional 0.1% VAT which will be paid through a crypto exchange.

 

[Monster Masterpiece]

I think 0,1 % is a neglectable amount for most crypto earners but by the volume of transactions, it will be a high amount of money especially since there are many crypto earners or traders.

 

[Suba]

VAT on crypto is charged at the time of crypto purchases will be taxed at 0.1%. if we sell tomorrow and make a profit will it also be subject to income tax

 

[Flower]

The VAT that is been added on cryptocurrency is one of the ways to regulate the crypto space and it is actually also a way to make money from cryptocurrency by the government.

 

[Nomad]

If you pay VAT or any other kind of taxes, it also means you can use it legally. I think this is a nice move.