Indonesia Raises Income Tax on Crypto Trading, Scraps VAT (1)

Indonesia raises final income tax on crypto asset sales to 0.21% of transaction value, from 0.1% previously, according to the latest rule set by the Ministry of Finance.

• Crypto asset transactions will no longer be subject to VAT, as crypto will now be treated as a security
• VAT will be imposed on crypto trading platforms and crypto mining verification services
  • Crypto mining services will be subject to a new effective VAT rate of 2.2%, according to the rule
• The new rule takes effect on Aug. 1
• Previously, Indonesia Will Tax Crypto Earnings, Fintech Deals in May

(Updates with more details.) ...