Indonesia’s Ministry of Finance Urged To Review Crypto Tax Policy
Crypto News

Indonesia’s Ministry of Finance Urged To Review Crypto Tax Policy

1d"
1 month ago

Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti) is reportedly asking the Ministry of Finance to re-evaluate the current tax regime for cryptocurrency transactions.

Indonesia’s Ministry of Finance Urged To Review Crypto Tax Policy
Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti) is reportedly asking the Ministry of Finance to re-evaluate the current tax regime for cryptocurrency transactions. This request comes as the agency anticipates crypto to play a more significant role in the nation's future economy.

Bappebti officials, led by Tirta Karma Senjaya, head of the Bureau of Market Development and Development, argue that the 0.11% value-added tax (VAT) and 0.1% income tax imposed on crypto transactions require reassessment. Their reasoning centers around the growing integration of crypto into Indonesia's financial landscape.

While the current tax structure has been in place since April 2022, generating approximately $2.49 million in January 2024 alone, Senjaya emphasizes the need for annual reviews, aligning crypto taxes with the standard practice for other tax regulations.

This move comes amidst a period of significant growth in the Indonesian crypto space. The number of crypto holders has risen by over 11% from 2021 to 2023, showcasing increasing public interest. Additionally, the recent presidential election victory of Prabowo Subianto, whose running mate, Gibran Rakabuming Raka, has expressed support for fostering opportunities in the crypto and blockchain space for the younger population in Indonesia.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
3 people liked this article