CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Coin Edition 2025-01-06 10:07:18

Indonesia’s Crypto Market Adapts as INDODAX Adjusts VAT Rates

INDODAX adjusts VAT rates for crypto transactions to comply with Indonesia’s new tax rules. CEO Darmawan supports VAT changes but urges crypto to be VAT-exempt to boost adoption. INDODAX suffers a $15.7M loss from a security breach, with crypto stolen across multiple networks. INDODAX, Indonesia’s largest cryptocurrency exchange, has adjusted its Value Added Tax (VAT) rates . This change aligns with Indonesia’s updated tax policies , specifically PMK No. 131 of 2024 and PMK No. 81 of 2024, which govern VAT rates for crypto transactions. The VAT rate for buying crypto assets through Crypto Asset Physical Traders (PFAK) is now 0.12%. This equals 1% of the transaction value multiplied by the 12% VAT rate. Other services, like deposit fees and trading costs, will incur an 11% VAT rate, per PMK No. 131 of 2024. INDODAX CEO Oscar Darmawan expressed full support for the updated tax framework. He sees the VAT adjustment as a move toward greater tax transparency in Indonesia. He also highlighted that this change will improve transaction safety and convenience for users. The Impact of VAT on Indonesia’s Crypto Market While INDODAX supports the new VAT rates, … The post Indonesia’s Crypto Market Adapts as INDODAX Adjusts VAT Rates appeared first on Coin Edition .

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.