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RI, Australia strengthen partnership on taxing crypto assets
Canberra and Jakarta have signed a memorandum of understanding (MoU) to expand bilateral cooperation in the exchange of information regarding crypto-asset transactions.
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The Bitcoin logo is seen on a Coinstar cryptocurrency ATM at a grocery store in Washington, DC, on Jan. 19, 2023. (AFP/Stefani Reynolds )
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ustralia and Indonesia have vowed to expand their cooperation on the exchange of information about crypto-asset transactions for tax purposes.
To that effect, representatives of Indonesia’s Taxation Directorate General (DJP) and the Australian Taxation Office (ATO) signed a memorandum of understanding (MoU) on Monday, according to a press release from the Australian Embassy in Jakarta.
The bilateral agreement is designed to enhance the detection of assets that may be subject to taxation in either country and enables authorities from the two sides to share data and related information on crypto assets effectively.
Mekar Satria Utama, the director of international taxation at the DJP, said the MoU reflected the need for more innovative and collaborative regulations for tax authorities to keep up with the rapid pace of change in the world of financial technology, as the release stated through the Australian Embassy website.
“Although cryptocurrencies are relatively new, it’s important to ensure fair taxation to drive economic growth and provide revenue for public investment in the areas of infrastructure, education and health care,” Mekar said.
ATO assistant commissioner Belinda Darling stated in the release that the agreement between Indonesia and Australia was based on a strong relationship between the tax authorities of the two countries.
Read also: Bappebti wants crypto taxes slashed as market heats up
