INDONESIA WEIGHS PLAN TO TAX TRADE IN CRYPTO

JAKARTA: Indonesia is considering a plan to tax the trading of cryptocurrencies after a surge in popularity among local investors, a tax official said yesterday. The government has been seeking to shore up state revenues amid the coronavirus pandemic, though Neilmaldrin Noor, a spokesman at Indonesia’s tax office, said a tax scheme for cryptocurrency was still at the discussion stage. “It is important to know that... if there is a profit or capital gain generated from a transaction, the profit is an object of income tax,“Neilmaldrin said. “So the tax payer who receives capital gain has to pay the tax and report it,“he said. Indonesia bans the use of cryptocurrencies as a payment instrument, but allows it to be traded as a commodity. – Reuters