Indonesia’s Crypto Tax Revenue Hits $6.97 Million as Overseas Platform Tax Rate Rises to 1%
Main Idea
Indonesia's crypto tax revenue reached $6.97 million in the first half of 2024, with a new 1% tax rate on overseas crypto platforms effective from August to boost government income.
Key Points
1. Indonesia's crypto tax revenue totaled $6.97 million since January 2024.
2. The government increased the tax rate on overseas crypto platforms to 1% starting August 2024.
3. The growth in tax revenue is attributed to enhanced enforcement and rising crypto adoption among Indonesian investors.
4. The new tax policy aims to level the playing field and improve compliance in the digital asset market.
5. Domestic crypto platforms are taxed at 0.5%, while overseas platforms face a 1% rate as of August 2024.
Description
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