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VAT on Crypto

  • Thread starter Thread starter Suba
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Suba

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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.
 
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.
 
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
 
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.
 
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.
 
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