Indonesia and Australia Partner to Improve Crypto Tax Compliance
by Fintech News Indonesia April 25, 2024The Indonesian Directorate General of Taxes (DGT) and the Australian Taxation Office (ATO) have entered into a Memorandum of Understanding for cryptocurrency information sharing.
This agreement aims to bolster the detection and management of crypto assets potentially subject to taxation in both nations.
By enhancing data exchange and sharing expertise, the tax authorities hope to ensure better compliance with tax obligations concerning cryptocurrency holdings.
This initiative is part of a broader collaboration between the DGT and ATO that includes modernizing taxpayer services and applying value-added tax to digital goods and services.
The partnership, which has evolved over nearly two decades, also focuses on international tax reforms and other fiscal initiatives designed to adapt to the rapidly changing financial landscape.
Mekar Satria Utama
Mekar Satria Utama, DGT Director for International Taxation said,
“While crypto assets are relatively new, the need to ensure equitable taxation remains essential to promote economic growth and provide revenue for crucial public investments in areas like infrastructure, education and healthcare.”
Belinda Darling
Belinda Darling, ATO Assistant Commissioner said,
“The partnership between the DGT and ATO goes back nearly two decades and is now focused on strengthening the tax systems in both countries and enhancing our collaboration on complex global challenges.”
