Do overseas broker balances need to be reported for taxes?

Choosing a Broker
29 Mar 2022, 16:55 569 Views
Temperature About Forex, I received a voluntary tax disclosure letter from the tax department. It said that the assets of taxpayers must be disclosed to the country. I have a pretty big balance in a foreign broker, do I also have to report the tax?
I also opened a savings account in another country to accommodate profits from forex trading, which also has a pretty big balance. Should everything be reported?
But, sir, I work abroad through a foreign broker, and the target business and use of money will also be directed abroad. This money will indeed be used abroad, it has no connection with Indonesia. I only withdraw to an Indonesian state-owned bank for daily living expenses.
For tax officials reading this question, please join in, if I use a foreign broker, keep the profits in a foreign bank, plan to use the money abroad, and the target business is also outside the country. Do I need to participate in voluntary tax disclosure?
I buy a car, it's taxed, I buy a house, land is taxed, I eat at a restaurant, it's taxed, I even top up my phone credit, it's taxed. It's normal because I'm in Indonesia. But if my business is outside the country, do I need to report it since it has no connection with Indonesia?

3 Answer

E
erik tri cahyo 30 Mar 2022, 13:23
To Junaidi Nurcahyo,

Technically, only the total profit/net income needs to be reported. Regarding you starting a business and residing abroad, we believe the tax rules also follow the regulations of that country. However, as long as you are still domiciled in Indonesia and there is still an inflow of funds (either from trading results or other business results), as a good citizen, you should certainly report your taxes. And only the amount of net profit is reported.

Hopefully this helps.
A
Amir 31 Mar 2022, 16:34
What is the minimum forex income that needs to be reported for tax purposes?
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erik tri cahyo 01 Apr 2022, 08:22

To Amir,

Actually, there are no specific tax regulations governing taxes on forex trading results yet. Even so, you can voluntarily report it. Regarding the amount, we think this follows general tax rules.

Tax regulations state that anyone with an income of more than Rp. 54 million in a year is obliged to pay taxes. Thus, if you feel that your net income/profit from forex trading in a year has exceeded that amount, you may report your taxes.

Hopefully this can help.

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