Posted 1/24/2024, 9:33:00 AM
Indonesia's Crypto Tax Revenue Plunges 63% Despite Bitcoin Surge As Transaction Volumes Halve
- Indonesia's crypto tax revenue fell 63% to $31.7 million in 2023 despite bitcoin's 159% surge
- Revenue drop attributed to 51% decrease in crypto transaction volumes in 2023
- Local exchanges protest high 0.1% income tax and 0.11% VAT rates on crypto
- Exchanges suggest removing VAT to classify crypto as security not commodity
- 303 illegal crypto exchanges operational in Indonesia, undermining formal tax system