Crypto Transactions Are Larger Than Fintech, Bappebti Requests Tax Levy Evaluated

Previously, the emergence of tax regulations for the crypto industry in Indonesia indicated that the growth of the crypto industry in Indonesia had matured. This was agreed upon by Indodax, Bappebti and Aspakrindo.

Indodax CEO Oscar Darmawan said that the implementation of this tax places a very heavy financial burden on crypto investors. It is said that the total amount of tax that must be paid every month even exceeds the income of industry players.

“Currently there are various types of crypto asset taxes imposed in Indonesia, namely PPh of 0.10 percent, VAT of 0.11 percent, and an additional 0.02 percent for exchange, deposit and clearing fees,” said Oscar.

“Moreover, if you transact using stablecoins such as USDT, you will be subject to double tax. The many types of taxes imposed make the total amount of tax that investors have to pay expensive and could potentially kill the crypto industry in Indonesia,” he explained.

Therefore, according to Oscar, this industry needs a trigger to stimulate its growth. One of the most effective ways is to review the nominal amount of crypto tax in Indonesia by eliminating the amount of VAT and only subjecting it to PPh.

“Because in the near future the crypto industry from Bappebti will be transferred to the OJK. This means that crypto will become part of the financial industry. Therefore, it is not appropriate if it is still subject to VAT and it is hoped that the tax will be 0.1 percent,” he added.