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In a recent development, tax officials from Indonesia and Australia have signed an agreement in Jakarta to establish a crypto information-sharing framework. This agreement, announced on April 23, focuses on improving the identification of assets that may be subject to taxation in either country. It also aims to facilitate the exchange of cryptocurrency-related data and information between tax authorities, as well as ensuring compliance with tax obligations.
Mekar Satria Utama, a director of the Indonesian Directorate General of Taxes (DGT), emphasized the importance of innovation and collaboration among tax authorities to keep pace with the rapid advancements in financial technologies globally. He highlighted the significance of ensuring equitable taxation of crypto assets to promote economic growth and generate revenue for essential public investments in infrastructure, education, and healthcare.
Australia and Indonesia have previously collaborated on various initiatives, including the digitization of taxpayer services and the introduction of value-added tax (VAT) for digital goods and services. This ongoing partnership reflects a commitment to enhancing the regulatory framework for the crypto sector and fostering international cooperation in this dynamic field.
Indonesia, led by the Financial Services Authority (OJK), has been actively working with financial regulators in Malaysia, Singapore, and Dubai to establish a robust crypto regulatory framework. As part of these efforts, crypto companies seeking to operate in Indonesia must undergo a regulatory sandbox evaluation before obtaining a license, effective from January 2025. Failure to comply with this requirement would render cryptocurrency services illegal in the country.
On the other hand, Australia is collaborating with the Organisation for Economic Cooperation and Development (OECD) to develop the Crypto-Asset Reporting Framework (CARF), enabling the automatic exchange of information on crypto-assets. This initiative aims to standardize the taxation of cryptocurrencies globally and combat tax evasion related to crypto earnings. While not a bilateral tax treaty, this collaboration seeks to streamline tax procedures and enhance transparency in the crypto space.
These developments underscore the growing importance of regulatory cooperation and information sharing in the cryptocurrency landscape. Stay tuned to Global Crypto News for more updates on the latest developments in the world of cryptocurrencies and blockchain technology.
