India proposes 30% tax on crypto assets

ISTANBUL

India plans to tax crypto assets, both currencies and non-fungible tokens (NFT), at 30%, the finance and corporate affairs minister said on Tuesday.

"I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%," Nirmala Sitharaman said during the 2022-2023 budget discussions in parliament.

There is a "phenomenal increase" in transaction of virtual assets, she said, adding: "Magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime accordingly, for the taxation of virtual digital assets."

She further said: "No deduction in respect of any expenditure or elements shall be allowed while computing such income, except cost of acquisition."