EUR/USD 1.16352
0.019%
Gold 4405.70
0.094%
Oil 93.953
-0.275%
USD/JPY 153.598
0.033%
GBP/USD 1.35479
0.014%
GBP/JPY 208.099
0.065%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On September 10, Lu Lei, Vice Governor of the Peoples Bank of China, introduced at a press conference held by the State Council Information Office on the theme of "Starting the 15th Five-Year Plan" that overseas entities currently hold more than 11 trillion yuan of RMB financial assets in China, and central banks or monetary authorities of more than 80 countries and regions have included RMB in their foreign exchange reserves; Panda bonds have been issued for more than 1.3 trillion yuan, with issuers covering 26 countries and regions across five continents.Enterprise Singapore: For the week ending September 9, Singapores light distillate fuel oil inventories increased by 1.196 million barrels to 11.874 million barrels, a one-month high; middle distillate fuel oil inventories increased by 326,000 barrels to 8.237 million barrels, a two-week high; and fuel oil inventories decreased by 98,000 barrels to 20.355 million barrels, a two-week low.On September 10, Li Bin, Deputy Director and Spokesperson of the State Administration of Foreign Exchange, introduced at a press conference held by the State Council Information Office on the theme of "Starting the 15th Five-Year Plan" that my countrys direct investment has achieved basic convertibility, and cross-border securities investment has formed a cross-border investment system mainly based on institutional investor system, interconnection mechanism, and direct market access for overseas investors. Macro-prudential management is implemented across the board for cross-border financing.On September 10th, at a press conference held by the State Council Information Office, Cong Lin, Deputy Director of the State Financial Regulatory Commission, stated that the Commission will guide financial institutions to adapt to the needs of consumption upgrading, support the expansion of commodity consumption, and continuously unleash the potential of service consumption and new types of consumption. The Commission will adhere to a close integration of investment in goods and investment in people, strengthen financial support for key areas of the "two major projects," "two new projects," "six networks," and the 109 major projects of the "15th Five-Year Plan," and strive to promote stable foreign trade, supporting the export of intermediate goods, the construction of overseas warehouses, and the development of cross-border e-commerce.On September 10th, at a press conference held by the State Council Information Office, Li Bin, spokesperson and deputy director of the State Administration of Foreign Exchange, stated that during the 15th Five-Year Plan period, my countrys foreign trade exports and imports will develop in a more coordinated manner, outward investment and inward investment will further expand, and the balance of payments is expected to remain basically balanced. In the future, the State Administration of Foreign Exchange will better coordinate development and security, continuously promote the facilitation of cross-border trade and investment to enhance the momentum of foreign-related economic development, and promote a steady increase in the scale and continuous optimization of the balance of payments. It will also continuously improve macro-prudential management, strengthen the monitoring and early warning of cross-border capital flows, continuously enhance the vitality and resilience of the foreign exchange market, and prudently respond to external shock risks.

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