- Crypto is expected to play a significant role in Indonesia’s overall economy very soon.
- The Indonesian government received almost $2.49 million in tax income from cryptocurrency.
The Commodity Futures Trading Regulatory Agency (Bappebti) of Indonesia has reportedly requested that the Ministry of Finance evaluate the country’s policy on the taxation of cryptocurrencies.
Members of Bappebti’s executive staff have reportedly asked for a review of the 0.11 percent income tax on cryptocurrency and the 0.1 percent value-added tax (VAT) that the Indonesian government imposes on all cryptocurrency transactions.
Annual Tax Evaluation
According to Tirta Karma Senjaya, director of Bappebti’s Bureau of Market Development, this is because cryptocurrency is expected to play a significant role in Indonesia’s overall economy very soon.
Moreover, the report went on to say that in January, the Indonesian government received almost $2.49 million in tax income from cryptocurrency. Income from crypto taxes hit Rp39.13 billion in January 2024, according to the report. Despite the fact that these cryptocurrency taxes have been in place in Indonesia for over two years, Senjaya has declared that, like other tax regulations, they should be reviewed annually.
The report stated:
“The evaluation is necessary because this regulation has been in place for more than a year. Typically, taxes undergo evaluation annually.”
Indonesia levied a 0.1% capital gains tax and a 0.11 percent value-added tax on cryptocurrency investments in April 2022. Because cryptocurrency is not a currency but rather a “commodity as defined by the Trade Ministry,” the country reportedly took this action.
Furthermore, according to reports on February 14, Prabowo Subianto, the presidential candidate, and vice presidential candidate Gibran Rakabuming Raka received around 58% of the vote to win the presidency.
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Source: https://thenewscrypto.com/indonesias-regulatory-body-calls-for-assessment-of-crypto-taxation-policies/