Bappebti Suggests Crypto Taxes to Be Cut, Bittime: Good for Industry

Liputan6.com, Jakarta Crypto asset investment platform, Bittime, revealed that it supports the Commodity Futures Trading Supervisory Agency's (Bappebti) plan to propose a crypto asset tax evaluation to support the industry and the investing public.

Bittime CEO Ryan Lymn said that his party supports Bappebti's plan which will evaluate the rules and tax amounts for crypto assets together with relevant stakeholders.

“In our opinion, what Bappebti is doing is a wise action for the interests of industry and of course society. We want all levels of society to be able to access crypto assets affordably in order to achieve financial independence,” said Ryan Lymm in an official statement, quoted Friday (22/3 /2024).

Ryan explained, as an industry that is still relatively new, crypto assets currently require more incentives from the government to continue to grow positively.

Apart from that, the public also needs to be given relief so that investment in crypto assets can reach all levels.

“Crypto assets and blockchain are industries that are still new in Indonesia. We really appreciate the regulations from the government regarding the crypto asset industry. However, as a new industry, it should be given support so that it can continue to develop,” he said.

Current Government Regulations

For your information, previously there was news circulating that CoFTRA would continue discussions regarding crypto tax by involving stakeholders.

Internal discussions will be carried out after the Directorate General of Taxes (DJP) of the Ministry of Finance provides a response to the crypto tax evaluation.

It is known that in these discussions Bappebti will consider proposing a reduction in the tax value to half of what is currently applicable, namely from 0.1% to 0.05% for PPh and from 0.11% to 0.055% for VAT.

So far, the government has regulated crypto asset taxes through the Ministry of Finance with Decree of the Minister of Finance of the Republic of Indonesia No. 68/PMK.03/2022, which will come into effect on 1 May 2022.

The Minister of Finance Regulation regulates Value Added Tax (VAT) and Income Tax (PPh) on crypto asset trading transactions. PMK 68/2022 regulates the amount of tax for each crypto asset transaction. Buyers or recipients of crypto assets are subject to VAT under two conditions.

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