Bittime -The Directorate General of Taxes (DJP) of the Indonesian Ministry of Finance recorded significant crypto tax revenues, reaching IDR 112 billion since the beginning of 2024. This figure shows a drastic jump compared to January 2024 which was only IDR 39.13 billion.
The soaring market value of digital assets is believed to be the main factor behind this increase in tax revenue. A tax scheme that levies taxes on every crypto asset transaction, combined with increases in price and transaction volume, directly increases the contribution of crypto taxes to state revenues.
Director General of Taxes Suryo Utomo revealed that of the total crypto tax revenue, IDR 52 billion came from Income Tax (PPh) and IDR 59 billion from Value Added Tax (VAT).
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"Tax levies for crypto transactions in the market currently managed by Bappebti are in accordance with Minister of Finance Regulation (PMK) No. 68 of 2022," explained Suryo, referring to the crypto tax rate set at 0.11% for VAT and 0. 1% for PPh per transaction.
Suryo admitted that the current crypto tax rate is relatively low, almost the same as the stock tax rate. However, he explained that the determination of this tariff had gone through a long process and in-depth discussions with various stakeholders.
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The DGT remains open to conducting studies and evaluations of the amount of crypto tax, considering its impact on the market and other potential factors that influence transaction volume.
Previously, the Commodity Futures Trading Supervisory Agency (Bappebti) also stated its intention to evaluate virtual asset tax rates. According to Bappebti, reducing the tax rate by half can encourage better crypto market movements.
DGT will continue to monitor developments in the crypto market and consider various input from stakeholders before making a decision regarding tax rate adjustments.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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