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The Political Bureau of the CPC Central Committee stated that after five years of continuous efforts, the main goals and tasks of the 14th Five-Year Plan have been successfully completed, my countrys economic strength, scientific and technological strength, and overall national strength have reached new heights, Chinas modernization has taken new and solid steps, and the new journey toward the second centenary goal has achieved a good start.February 27 – The Political Bureau of the CPC Central Committee held a meeting on February 27. The meeting pointed out that it is necessary to accelerate the construction of a new development pattern, focus on promoting high-quality development, adhere to the general principle of seeking progress while maintaining stability, coordinate the domestic and international situations, better coordinate development and security, implement more proactive and effective macro policies, enhance the foresight, pertinence and synergy of policies, continuously expand domestic demand and optimize supply, optimize incremental growth and revitalize existing assets, develop new productive forces according to local conditions, deepen the construction of a unified national market, continuously prevent and resolve risks in key areas, focus on stabilizing employment, enterprises, markets and expectations, promote the effective improvement of economic quality and reasonable growth in quantity, maintain social harmony and stability, and achieve a good start to the 15th Five-Year Plan.February 27 – The Political Bureau of the CPC Central Committee held a meeting on February 27, emphasizing the need to continue implementing a more proactive fiscal policy and a moderately loose monetary policy, and to strengthen the coordination between reform measures and macroeconomic policies. The meeting stressed the importance of building a strong domestic market, accelerating the cultivation and expansion of new growth drivers, and speeding up high-level scientific and technological self-reliance. It also called for continuously deepening reforms in key areas, further expanding high-level opening-up, solidly promoting the comprehensive revitalization of rural areas, and advancing new urbanization and coordinated regional development. Furthermore, the meeting stressed the need to further guarantee and improve peoples livelihoods, accelerate the comprehensive green transformation, and strengthen risk prevention and mitigation and security capacity building in key areas. Finally, the meeting emphasized the need to strengthen government self-construction and firmly establish and practice a correct view of performance.Kazakhstans oil production is estimated at 99 million tons in 2025.February 27th, Futures News: Economies.com analysts latest view: Spot gold prices continue to fluctuate narrowly within the latest intraday level, clearly attempting to accumulate upward momentum to pave the way for further gains. The current price is relying on a key dynamic support level, namely stabilizing above the 50-day EMA, which further solidifies the stability of the short-term bullish trend.

Indonesia Announces 0.1% Crypto VAT & Capital Gains Tax

Skylar Shaw

Apr 06, 2022 11:09


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On crypto transactions and investments, Indonesia imposed a 0.1 percent VAT and capital gains tax.

The taxes will take effect on May 1st.


The community has recently reacted negatively to cryptocurrency taxes.


According to a report by Reuters, Indonesia will begin collecting a Value Added Tax (VAT) and an income tax on capital gains on crypto asset-based transactions and investments on May 1. In both circumstances, the tax is set at 0.1 percent.

But why is there a tax?

Since the beginning of the Covid-19 outbreak, Indonesia has seen a tremendous increase in crypto use, which is why a tax is unsurprising. "Crypto assets would be subject to VAT since they are a commodity as defined by the commerce ministry," Hestu Yoga Saksama, an Indonesian tax officer, said during a press conference. We will apply income tax and VAT since they are not a currency."


Although the 0.1 VAT tax on crypto assets is substantially lower than the country's 11 percent VAT on other products and services.


Furthermore, the fact that these taxes will be imposed on the total transaction amount is another reason why crypto transactions have just a 0.1 percent income tax on capital gains.


Given that Indonesia executed crypto transactions worth approximately $5.8 billion (83.8 trillion Indonesian Rupiah) in February alone, even a 0.1 percent tax would net the government $5.8 million, or around 83.3 billion Indonesian Rupiah.


Besides, this is still excellent news since it indicates the country's growing embrace of cryptocurrency.

This is because the Tajdid Central Leadership (PP) Muhammadiyah, along with the Tarjih Assembly, issued a fatwa against cryptocurrency just two months ago.


The fatwa declared Bitcoin and other cryptos to be "haram," citing the volatility of crypto assets as the explanation.


Even though cryptocurrencies aren't currently recognized as a means of payment, it's a significant step forward for the country.

Around the Globe

While Indonesia is dealing with cryptocurrency in its own way, India followed suit by enacting a 30% crypto tax earlier this month, which took effect yesterday (April 1).


The government has been concerned about cryptocurrency for more than five years, from the prohibition to the lifting of the ban to now this 30% tax.


Furthermore, the government is delaying the development of a regulatory framework for digital assets until a worldwide census on the subject is conducted.


While Indian individuals have already expressed their dissatisfaction with the policy, it does not appear that they will be able to effect any change very soon.

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