High Taxes Cause Fall In Indonesian Crypto Exchanges Volume
Indonesia experienced a 60% slump in transaction volume on exchanges in 2023 compared to the previous year, with the crypto industry citing high taxes as a factor driving traders away. Crypto assets are treated as commodities in Indonesia, subject to income tax and value-added tax (VAT).
Leading crypto exchanges in Indonesia say that the total taxes paid on each transaction can exceed trading fees charged by exchanges. The heavy burden of taxes and trading fees on traders could discourage them from buying crypto.
Crypto users bear an income tax of 0.1% and VAT of 0.11% of every crypto transaction. Some local crypto industry members argue that treating crypto as securities would eliminate some tax burden on users.
You need to login in order to Like
