Crypto Industry Grows Rapidly, Generates 246,45 Billion Rupiah in Taxes

The government's awareness of the rapid growth of the crypto industry in Indonesia has driven the policy of imposing taxes on crypto transactions. In accordance with Minister of Finance Regulation (PMK) Number 68/PMK.03/2022 concerning VAT PPh, the government views crypto assets as a commodity that meets the criteria as a VAT object. These provisions come into effect on May 1, 2022.

Based on the Final Publication of APBN KiTa January 2023 Edition, tax on Crypto transactions when referring to PMK 68/2022 Article 19, is subject to Income Tax Article 22 to Sellers of Crypto assets, PMSE Organizers, and Miners of Crypto Assets (miner). Meanwhile, the subject of Crypto VAT or those subject to VAT on Crypto asset transactions are Buyers of Crypto assets and Sellers of Crypto assets.

When translated per type of tax, Crypto Tax is the result of the receipt of Income Tax Article 22 on Crypto Asset Transactions through PMSE DN Operators, as well as self-depositing of DN VAT on Collection by Non-Treasurers.