Two Sides of Non-Fungible Token Tax

By Editorial Team 21/01/2022
Tax system
Summary

The Indonesian government will collect taxes from non-fungible token digital assets or NFTs. On January 19, 2022, the Directorate General of Taxation stated that taxes are imposed on any additional economic capacity obtained by taxpayers from anywhere, as long as it can be used for consumption or to increase the wealth of the taxpayer. "People who earn income from the sale of NFTs already have tax obligations," the Directorate-General stated.

Director of Service Extension and Public Relations of the Directorate General of Taxation Neilmaldrin Noor said NFT must be included in the Annual Tax Return (SPT). This is in line with the rising trend in assets trading among the community. "NFTs and other digital assets must be reported in the Annual Tax Return using the market value on December 31 of the tax year," Neilmadrin said on Thursday.

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