On Tuesday, two news about income taxes in Indonesia and Hungary became known
Indonesia plans to introduce a tax on the income from crypto transactions. According to the representative of the Tax Administration, a final decision has not been made yet. The authorities are discussing what income tax should be and what areas should be covered.
This news has already surfaced a couple of weeks ago. The local regulator Bappebti, which controls the trading of commodity futures, became interested in income taxes from trading.
The Government plans to make the tax collection process automatic. The tax will have to be levied on trade on 13 local crypto-exchanges and the process will be controlled by Bappebti.
More fortunate are the people of Hungary. Income tax on crypto transactions will be cut by 2 times in this country by 2022. This is done to increase the adoption of cryptocurrency in the country. The information was made public on Tuesday by the Ministry of Finance.
Note that in Hungary, profits from cryptocurrency trading and any other activity with digital assets are taxed at 9 percent. An additional 2% is paid in the form of business tax.
Mining is taxed at a different rate. Local miners pay 15% income tax and another 22% of income is forced to transfer to the development of the cryptosphere.
If income tax is cut in half. This will have a positive impact on the activity of crypto-investors. I wish there was more good news!