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The Indonesian government issued a regulation for tax rates in crypto trading called the Minister of Finance Regulation Number 68 of 2022. Even so, crypto is still far from legal as a legal tender in Indonesia. The legal product that regulates legal tender in Indonesia has been written down in Law Number 7 of 2011 which explains that the currency for payment instrument is Rupiah.
After a long time, the Government of Indonesia has enacted regulations governing crypto currency and regulations regarding crypto taxes in Law Number 7 of 2021 which regulates the harmonization of Tax Regulations with implementing regulations issued by Regulation of the Minister of Finance Number 68 of 2022 concerning Value Added Tax. and Income Tax on Crypto Asset Trading Transactions in Indonesia.
This regulation on crypto taxes makes Indonesia one of several countries that have regulated taxation in the trading of crypto assets. There are a number of similarities and differences in treating cryptocurrencies around the world according to what has been explained in the book entitled 'Taxing Cryptocurrency: A Review and a Call for Consensus' published in 2021 written by Khanna, A. There are differences regarding the rules that discuss taxation of cryptocurrencies. This regulatory difference stems from how the government of a country views cryptocurrencies, whether they use cryptocurrencies as a legal currency for a medium of payment or transactions.
Japan is a country where you will get to know a strong culture and history such as samurai, ninja, and anime. I like the anime 'Kuroko No Basuke', 'Naruto', and several other series. The country, known as the country of the rising sun or the country of sakura, provides tax arrangements for cryptocurrencies with the consideration that cryptocurrencies are included in other income which means taxable assets. Therefore, Japan reportedly imposes a tax of up to 55% per individual which is more expensive than the tax on shares of 20% per individual in Japan. High taxes on crypto in Japan are a problem for the good of the name 'Satoshi Nakamoto'.
The best news comes from Hong Kong which considers cryptocurrencies a virtual commodity. Hong Kong has also regulated the terms of investment and trading of cryptocurrencies. From what I found, Hong Kong does not apply a tax on the sale of shares owed on the sale of this cryptocurrency. In another case Hong Kong published rules regarding cryptocurrencies used for business transactions. Another case, if an individual uses cryptocurrency as a long-term investment, then the profits from that long-term investment will not be taxed.
China, a country with a long story of three kingdoms, origin of dragons, monkey king sun go kong, and kung fu and the beauty of a strong culture is the economic ruler of almost half the world. China reportedly did not recognize cryptocurrencies as legal tender which later did not allow mining for bitcoins. As a rule, China, known as the Bamboo Curtain Country, publishes rules regarding Income Tax on profits made from the sale of cryptocurrencies which means --- when a personal taxpayer buys cryptocurrency and then sells it and makes a profit from the sale, the profit will be charged. Value-added tax.
The Minister of Finance of India, Nirmala Sitharaman, published the newly revised rules that will come into effect from April 1, 2022 regarding the cryptocurrency tax. The Minister of Finance of India, Nirmala Sitharaman, stipulates about any income i.e., profits generated from the transfer of virtual digital assets (VDA) within national borders will be taxed at a rate of 30 per cent. So India followed Japan to impose high taxes on cryptocurrencies. An example of tax calculation is an Indian citizen buying bitcoins for USD 40,000 per coin and then selling them for USD 60,000. The individual will be responsible for paying a flat tax of 30 percent of the $20,000 profit he/she realizes as part of the transaction. This country which is known for its beautiful dance has become a country full of conflicts about crypto investment on social media.
Kazakhstan's Minister of National Economy, Alibek Kuantyrov raised taxes for entities that mine cryptocurrencies as Kazakhstan became a magnet for Bitcoin miners after China banned Bitcoin mining. It is quite natural that Crypto Miners operating in Kazakhstan are currently paying additional fees for the electricity consumed than other consumers who are paying the electricity fees. Or in other words, there is a different setting for the electricity tariff if you choose to mine crypto with an additional fee such as 1 Kazakh tenge around USD 0.0022 per kilowatt-hour of power.
The head of the Financial Market Committee of the Russian State Duma, Anatoly Aksakov said amendments to the federal tax code on cryptocurrencies became official this year. The country known as the Land of the Red Bear. Will this proposed tax on cryptocurrencies help the war-torn Russia's economy?
The following is a list of crypto tax rates or crypto VAT and crypto PPh based on PMK 68 of 2022:
0.11% : Value Added Tax rate on crypto asset trading. The Value Added Tax rate on crypto asset trading is 0.11% of the transaction value in the event that the trade provider is a Physical Asset Trader.
0.22% : Value Added Tax rate on crypto asset trading. The Value Added Tax rate on crypto asset trading is 0.22% of the value of this transaction in the case of a non-PFAK trading provider.
1.1% : Value Added Tax Rate on mining services. The Value Added Tax rate for mining services is 1.1% of the conversion value of crypto assets and mining services already have asset transaction verification.
0.1% : Final Article 22 Income Tax rate on crypto asset trading income. The Article 22 Income Tax rate on crypto asset trading of 0.1% of the value of the crypto asset (if it is a Physical Asset Trader) is imposed on sellers of crypto asset trades.
0.2% : Final Article 22 Income Tax Rate on crypto asset trading income. Article 22 Income Tax withholding for mining crypto assets is 0.2% of the value of crypto assets (if not Physical Asset Trader).
0.1% : Final Article 22 Income Tax Rate on crypto asset mining earnings. The Article 22 Final Income Tax rate on crypto asset mining income is 0.1% of the income received or earned by crypto asset miners (miners), excluding Value Growth Tax.