EUR/USD 1.15579
-0.259%
Gold 4501.57
-3.165%
Oil 96.968
2.893%
USD/JPY 159.297
0.997%
GBP/USD 1.33332
-0.723%
GBP/JPY 212.398
0.318%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On March 21, Bank of America discussed the outlook for the US dollar and maintained its medium-term bearish view. The bank stated, "Since the outbreak of the Iran war, the US dollar has unsurprisingly appreciated against other G10 currencies, although the overall appreciation has not been significant. Until the situation becomes clearer, oil prices and major risks will continue to dominate the foreign exchange market. Meanwhile, interest rate expectations have been raised in most G10 central banks, which has somewhat restrained the dollars appreciation," Bank of America noted. Bank of America further pointed out that although relative interest rates have not been the main driver of the foreign exchange market during this period, this situation may change as the impact of the war on the real economy gradually becomes apparent. "While we maintain our long-term bearish view on the US dollar, upside risks to the dollar are likely to dominate as the war continues," Bank of America added.The Israeli military claims to have attacked a ballistic missile production facility of the Iranian Revolutionary Guard in Tehran.On March 21st, at the recently concluded Huawei China Partner Conference 2026, Huawei unveiled and showcased the Atlas 350 AI training and inference accelerator card, powered by the new Ascend 950PR processor. Compared to its predecessor, the Ascend 950PR offers significant improvements in low-precision data formats, vector computing power, interconnect bandwidth, and Huaweis self-developed HBM (Hardware-Based Memory Management) architecture.On March 21, according to the official WeChat account of the China Council for the Promotion of International Trade (CCPIT), on March 20, Liu Jiannan, Vice Chairman of the CCPIT, met with a delegation led by Lin Yiming, Global Executive Vice President of Novo Nordisk, in Beijing. They discussed the CCPITs 15th Five-Year Plan policies on accelerating the construction of a healthy China and promoting the orderly expansion of opening-up in fields such as healthcare, and exchanged views on supporting Novo Nordisks investment and development in China and deepening international cooperation in the supply chain.Iranian President Pezechzian: The actions taken by the United States and Israel against Iran are extremely inhumane and immoral, and we strongly condemn them.

The New Cryptocurrency VAT And Capital Gains Tax Will Take Effect on May 1

Cameron Murphy

Apr 02, 2022 09:29


微信截图_20220402091702.png


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 crypto 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.


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 because they are a commodity as defined by the commerce ministry," Hestu Yoga Saksama, an Indonesian tax official, 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 gross transaction amount is another reason why crypto transactions have only 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 about 83.3 billion Indonesian Rupiah.


Besides, this is still good news because it indicates the country's growing acceptance of crypto.


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


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


Even if cryptocurrencies aren't currently accepted as a form of payment, it's a significant step forward for the country.

Around the Globe

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


Crypto has been a source of concern for the government for more than five years, from the prohibition to the lifting of the ban to the current 30% tax.


Furthermore, the government is delaying the development of a regulatory framework for digital assets until a global 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 much change anytime soon.

Suggestion