Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) has urged the Ministry of Finance to review its position on cryptocurrency taxation.
Bappebti’s executive staff members have specifically asked for a reassessment of the current 0.11% value-added tax (VAT) and 0.1% income tax on crypto transactions in the country.
Tirta Karma Senjaya, the head of CoFTRA’s Market Development and Development at Bappebti, elucidated that the reason behind this initiative is the anticipation of cryptocurrency’s integration into Indonesia’s broader economy shortly.
Consequently, with supervision transitioning from CoFTRA to the Financial Services Authority (OJK), the Ministry of Finance, particularly the Directorate General (Dirjen) of Taxes, is anticipated to conduct a reassessment of crypto taxation.
The report highlighted that in January, Indonesia garnered approximately $2.49 million in government revenue from crypto taxes, amounting to Rp39.13 billion.
Despite the implementation of these taxes for almost two years, Senjaya stressed the importance of subjecting them to an annual review, akin to other tax laws, to ensure their effectiveness.
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