Crypto Tax Contribution Touches IDR 539.7 Billion until February 2024

As previously reported, the Commodity Futures Trading Supervisory Agency (Bappebti) revealed that it was still continuing discussions on crypto tax evaluation involving various parties, including the Indonesian Crypto Asset Traders Association (Aspakrindo).

Head of the Commodity Futures Trading Development and Development Bureau of Bappebti, Tirta Karma Senjaya, said that after a response from the Directorate General of Taxes (DJP) of the Ministry of Finance regarding the evaluation of crypto taxes, Bappebti held internal discussions.

“There is (a discussion), we will discuss it with Mr. Robby, Chairman of Aspakrindo later so that we can have one voice. Yesterday it was also in the news, the Directorate General of Taxes has responded, they are ready to talk. If this is the case, they have given the green light, we are also happy to enter,” ” said Tirta in the Reku Finance Flash discussion event, Thursday, March 14 2024, written Friday (15/3/2024).

According to Tirta, the imposition of crypto taxes needs to be evaluated because it is considered too large and has an impact on the transaction value of the country's crypto assets. Tirta said that the stipulation of VAT and PPh on crypto transactions resulted in many customers making crypto transactions abroad.

Before the crypto tax was inaugurated, Bappebti proposed that the crypto tax be charged in half, namely 0.05 percent and 0.055 percent.

The government has officially determined taxes for crypto assets through the Minister of Finance Regulation (PMK) of the Republic of Indonesia Number 68/PMK.03/2022 which has been in effect since May 1, 2022.

The PMK regulates Value Added Tax (VAT) and Income Tax (PPh) on crypto asset trading transactions.

PPh for sellers of crypto assets is recorded at 0.1 percent of the transaction value, and VAT charged is 0.11 percent of the transaction value. Meanwhile, for those who have not registered with Bappebti, the tax levy is higher, namely PPh 0.2 percent and VAT of 0.22 percent.