Indonesia's 0% Tax on foreigners and digital nomads - page 2.

DapanasFruit

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Quote from: Poker Player on December 19, 2021, 04:53:43 AM

When you create a thread like this, you'd better put some source. I've googled the title and the only thing it appears is:

NEW 0% Tax in Bali-Indonesia for Digital Nomads & Foreigners

Regarding the news, I am glad that more and more countries are opening up to the crypto world little by little, although I would like this kind of measures to be taken by the most powerful countries, but I think that, if it ever comes, it will take a long time.

I am not surprised that Bali, Indonesia is making sure that foreigners are attracted to go and stay in this place because this is a major tourist destination and I think that in this location the internet connection is good because I have seen some online friends who are doing their business even if staying in this island. Just like Boracay of the Philippines, there are some good number of foreigners who are already based in Bali and to attract more they are making sure that doing business can be as easy as possible - maybe including cryptocurrency business though am not sure if the same can be true with other part of Indonesia which is not yet that open to cryptocurrency actually.

ipanks

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After the Corona attacks, Indonesia tried to attract "the money" into their country. The other Asian countries do this because that is a way to fix their economy and have more revenue from the money. But if we talk about relation with crypto, it is still not fully applied and still on research on the government side. But crypto users may get taxed in the future if the government sees the potency for how much revenue they can get from the crypto user.

I admitted that Indonesia needs to upgrade its Internet infrastructure. But we know that it is not as easy as it says because we talk about hundreds of cities, including big cities that are not fully covered with high-speed internet connections. The government still centralizes the ISP and the local ISP is not yet growing fast because they lack upgrading their infrastructure and policy from the government.

im posible

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Interesting for foreigners, I'm not happy to hear this, because local people still have difficulty getting income. So that more and more foreigners will come to stay and work, the more competition will be tightened.

nullama

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One thing to remember is that some countries, like the US for example, will still tax you even if you're working in Indonesia and they don't tax you.

An example of this is Boris Johnson. He was born in the US(New York) but left to the UK when he was a child. When he sold his home in the UK he had to pay capital gains tax to the US because he was a US citizen, although he didn't have to pay taxes in the UK for it. A couple of years later in 2016 he decided to renounce his US citizenship.

CryptocurencyKing

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Quote from: Len Saldua on December 19, 2021, 04:16:44 AM

~snipe~

This is one old trick in the book of investors but sadly, not many persons pays or nations pay much or even any attention to it. It's always about the fines and more fines but, its best fir developing nations to learn to acknowledge there predicament as underdeveloped and create an investor friendly policy to attract investors.

Once they are rooted in investment and build branches, the success or level of patronage is definitely going to be a force that would tie them down to that locality so long as, the business continues to flourish. The fines will always come, in fact, you might even place a charge that would move towards covering all the uncharged transactions and services. Just gradually and it would be covered in time.
Heavy fines on a test phase project is never so cool! Nice for the Indonesian government.

Woodie

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Quote from: Len Saldua on December 19, 2021, 04:16:44 AM

Seems like Indonesia just found a way to attract "the money" into their country. Not yet sure what this entails but I suspect Crypto users may still get taxed. What Indonesia needs to do now is upgrade their Internet infrastructure so that digital nomads and crypto traders can settle there.

But this news needs more details to what extent does this also go as people want to know how far the tax holidays go!

and whats the legal position that cryptocurrencies have in a country like Indonesia, will it get you in trouble with the law or its legal tender such that foreign companies can easily setup companies in here without problems.

sunsilk

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Quote from: Len Saldua on December 19, 2021, 04:16:44 AM

Seems like Indonesia just found a way to attract "the money" into their country. Not yet sure what this entails but I suspect Crypto users may still get taxed. What Indonesia needs to do now is upgrade their Internet infrastructure so that digital nomads and crypto traders can settle there.

It's not only crypto traders that has to be entailed with that policy. But if countries like Indonesia will pass on with this rule, it's for sure that they're attracting people coming into their country to enjoy that 0% of tax.

There's a threshold that are entitled for this policy. I've known a country like Thailand that's really friendly for digital nomads and who knows if those people are also in crypto. And if the declaration for such taxes is voluntary, many would say that they've earned not that much.

dark1234

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Quote from: Slow death on December 19, 2021, 05:15:27 PM

I'm having trouble understanding what this has to do with bitcoin? I don't click on any link and I also didn't bother searching google about this news, so someone explain to me what this OP title has to do with bitcoin? where does bitcoin fit in? I understand that every person wants bitcoin to be legal or to be the currency of a country like El Salvador did, but there are things that you can't think will happen quickly, and in Asia bitcoin is resisted by many governments

positive value when providing a tax authority for bitcoin and crypto because this will be a window for crypto status to be legal but in Indonesia itself: Until now, the DGT is currently reviewing and investigating the imposition of cryptocurrency transaction taxes, including the scheme," explained Neil to CNBC Indonesia, quoted on Friday (10/9/2021)

bL4nkcode

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If I read those articles right. This is mostly the same to all the country who are accepting visit visa people with digital jobs, number of days matter. Even if crypto trading is falls under this rules but since this is a self-reporting, I still think many will try to avoid or declared lesser to avoid having a high tax to be paid.

Slow death

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I'm having trouble understanding what this has to do with bitcoin? I don't click on any link and I also didn't bother searching google about this news, so someone explain to me what this OP title has to do with bitcoin? where does bitcoin fit in? I understand that every person wants bitcoin to be legal or to be the currency of a country like El Salvador did, but there are things that you can't think will happen quickly, and in Asia bitcoin is resisted by many governments

romero121

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This is really a positive news from a country that is more traditional and highly connected through religion. Being a Muslim dominant country it isn't an easy thing to promote cryptocurrency for different reasons. There is opposition as well as support, now the same serving as a way for the inflow of money will boost up the economy.

The conclusion hasn't been achieved yet, still there is more positivity on the same. When a policy is entitled for the same we can find Indonesia getting listed among the crypto friendly countries.

tulusikhlas

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Is this thread more of an altcoin discussion or is it indeed a local forum?

Regardless of what happened in Indonesia, I myself still see it as confusing news. This means that the policy cannot be set permanently. Considering that Indonesia has not been able to impose crypto taxes, besides that the existence of crypto has recently become a hot topic of discussion and has given birth to two camps between crypto pros and some others yet. That will be a big obstacle for crypto development in Indonesia. As far as I'm concerned this will continue and has not resulted in a valid policy in its entirety.

Swordsoffreedom

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Quote from: Poker Player on December 19, 2021, 04:53:43 AM

When you create a thread like this, you'd better put some source. I've googled the title and the only thing it appears is:
NEW 0% Tax in Bali-Indonesia for Digital Nomads & Foreigners

I also searched for a long time but did not find any official news or announcement about this.

I watched the video, it seems that it is not legal for expatriates to buy or sell property in Indonesia. it would be better if they allowed owning property for foreigners.
Then maybe local and foreign high-tech workers would be eager to work there with digital nomads. Maybe foreign miners would have gathered there. After all, if it is officially implemented, digital nomads and cryptocurrency traders will benefit greatly.

yayayo

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Quote from: avikz on December 19, 2021, 01:43:55 PM

I doubt if there plan to become a tax heaver in Asia will be successful even to a certain extent. Because foreigners and digital nomads need internet infrastructure to work for them. Indonesia is placed 118 out of 139 countries for its mobile internet speed of 10.51 Mbps, and 111 out of 178 for its fixed broadband speed of 16.65 Mbps.

https://theaseanpost.com/article/indonesia-too-slow

Probably, they have improved a bit in last one year but still that's not enough to carry out a digital life. Also there are a lot of wired rule available in Indonesia owing to their Islamic background. It's hard for a foreigner to live peacefully there.

Did you mean tax haven? I think that this strategy of Indonesia is really appealing, although many considerations will still be taken by foreigners. For instance, as mentioned, the internet connectivity problems and living conditions. Also, I am wondering if they can really stick in becoming a tax haven once foreign residents begin to increase in the country.

ya.ya.yo!

avikz

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Quote from: Len Saldua on December 19, 2021, 04:16:44 AM

Seems like Indonesia just found a way to attract "the money" into their country. Not yet sure what this entails but I suspect Crypto users may still get taxed. What Indonesia needs to do now is upgrade their Internet infrastructure so that digital nomads and crypto traders can settle there.

I doubt if there plan to become a tax heaver in Asia will be successful even to a certain extent. Because foreigners and digital nomads need internet infrastructure to work for them. Indonesia is placed 118 out of 139 countries for its mobile internet speed of 10.51 Mbps, and 111 out of 178 for its fixed broadband speed of 16.65 Mbps.

https://theaseanpost.com/article/indonesia-too-slow

Probably, they have improved a bit in last one year but still that's not enough to carry out a digital life. Also there are a lot of wired rule available in Indonesia owing to their Islamic background. It's hard for a foreigner to live peacefully there.

Lucius

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Quote from: Len Saldua on December 19, 2021, 04:16:44 AM

Seems like Indonesia just found a way to attract "the money" into their country. Not yet sure what this entails but I suspect Crypto users may still get taxed.

According to information available at the link provided by @Poker Player, there is a list of 25 professions that can compete for 0% tax - although cryptocurrency earnings do not seem to be subject to the law. The whole thing is not so simple, because they say that bureaucracy is quite complicated, and with the fact that the Internet infrastructure is very bad, the laws change very often, so what is valid today can easily cease to be valid in a month or two.

Quote

There are 3 changes that concern foreigners that Indonesia may introduce:
- Possibility for zero tax for foreigners on non-Indonesian source income for a period of 4 years.
They are trying to encourage high-tech workers to come to Indonesia, and there is a list of 25 professions. You can work in Indonesia, but if your income is for foreign sources you can end up paying no tax!
-You can get zero tax on dividends - both local and foreign. This is based on the assumption that you'll invest that money locally.
-Reduction on tax on interest income.

These are some big tax incentives for foreigners who want to relocate to Indonesia. Bali is already known as digital nomad haven, and these tax incentives may attact even more people to settle in Indonesia

aoluain

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I can only imagine the link you posted was not deemed either not safe or reputable.

I have searched for this topic in google and it looks like its all about digital nomads,
people working online which does not require them to be in a specific location, the
only necessary tools are a laptop and internet connection so yea this is relevant to
people working in the crypto space.

As regards zero tax, this will definitely attract nomads, great climate, great locations
and an inexpensive standard of living.

Len Saldua

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Last time I added a source to my post, it got removed by the moderators. I've got nearly 40 posts, and the one with a source link has been the only one removed by moderators. Maybe someone can explain how that works.

Poker Player

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When you create a thread like this, you'd better put some source. I've googled the title and the only thing it appears is:

NEW 0% Tax in Bali-Indonesia for Digital Nomads & Foreigners

Regarding the news, I am glad that more and more countries are opening up to the crypto world little by little, although I would like this kind of measures to be taken by the most powerful countries, but I think that, if it ever comes, it will take a long time.

Len Saldua

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Who wouldn't want to live near a Volcano ? Grin

But seriously, I think their Internet speeds are some of the worst in Asia..

Topic: Indonesia's 0% Tax on foreigners and digital nomads - page 2. (Read 361 times)