On Tuesday, two information about income taxes in Indonesia and Hungary were made public.
Indonesia intends to levy a tax on cryptocurrency transaction profits. According to a Tax Administration official, a final decision has yet to be taken. Authorities are debating the appropriate income tax level and which areas should be included.
This information was released a few weeks ago. The local regulator Bappebti, which oversees commodity futures trading, became involved in trading-related income taxes.
The government intends to automate the tax collection process. The tax will be imposed on trades on 13 local crypto exchanges, with Bappebti overseeing the operation.
Hungary’s people are in a better position. By 2022, the country’s income tax on cryptocurrency transactions will be halved. This is being done to increase cryptocurrency adoption in the nation. The Ministry of Finance made the details public on Tuesday.
Profits from cryptocurrency trading and other digital asset-related activities are taxed at 9% in Hungary. A corporate tax of 2% is added on top of that.
Mining is taxed at a different rate than other industries. Local miners pay a 15% income tax and are required to contribute another 22% of their earnings to the production of the cryptosphere.
Suppose the income tax rate is halved. This will have a positive effect on crypto-investors operations. I wish there were more good news to report!