Crypto Taxes Contribute Rp39.13 Billion in Early 2024
The Ministry of Finance, in the KiTa Budget press conference in Jakarta (2/22), reported a realization of crypto taxes amounting to Rp39.13 billion in early 2024. Director General of Taxation at the Ministry of Finance, Suryo Utomo, detailed the sources of this crypto tax realization.
Suryo informed that the majority of crypto taxes were contributed by Value Added Tax (VAT) on digital currency transactions, amounting to Rp20 billion, followed by Income Tax (Article 22) contributing Rp18.2 billion.
Meanwhile, as reported by CNBC, taxes from peer-to-peer lending-based fintech, Suryo stated that they successfully collected Rp32.59 billion. Of this, Rp20.15 billion came from Income Tax (Article 23) and Rp12.09 billion from Income Tax (Article 26) on foreign loans.
Overall, state revenue was supported by tax receipts amounting to Rp172.2 trillion, equivalent to 7.5 percent of the APBN target of Rp2,309.9 trillion.
Crypto Taxes in 2023 Contributed Rp467.27 Billion
Throughout 2023, as reported by Kontan, taxes collected through crypto transactions reached Rp467.27 billion.
Despite crypto taxes contributing significantly to state revenue, crypto industry players hope that these tax regulations can be reconsidered, allowing the crypto industry in Indonesia to compete globally.
CEO of Tokocrypto, Yudhono Rawis, also suggested schemes that could be taken into consideration. First is to revert to only imposing capital gains tax, second is to revise VAT regulations, as according to the PPSK law, crypto assets are not commodities but lean towards financial assets. Third is to reduce the current tax rates.
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