2024

Akash Network

AIOZ Network

Billion

<ul class="wp-block-list"><li>From May 2022 to June 2024 the tax contribution from cryptocurrency was recorded at Rp798.84 Billion Indonesian, DJP said.&nbsp;</li><li>Taxes for unregistered physical asset traders are higher at 0.2% for PPh and 0.22% for PPN.</li><li>In the past 24 hours, the total crypto market capitalization has slipped by 4% to $2.2 Trillion.&nbsp;</li></ul>Some nations are earning significant amounts of taxes on cryptocurrencies, helping them to support their growth.The unprecedented advancement of cryptocurrencies has created dozens of opportunities for investors, nations, and others. Developing and underdeveloped countries have been majorly involved in the global cryptocurrency market in the past few years.&nbsp;&nbsp; DJP Explains Why Crypto Tax Revenue is Growing <a href="https://news.todayq.com/indonesia-hits-new-crypto-milestone-2-billion-of-transactions-recorded/" rel="noopener noreferrer nofollow">Indonesia’s</a> total tax revenue from crypto is increasing at a great pace, due to surging transactions and users in the country.&nbsp;Tax revenue contribution of the cryptocurrency industry in Indonesia is surging month-on-month, according to data from the Directorate General of Taxes (DJP) at the Ministry of Finance.DJP’s data shows that, from May 2022 to June 2024, the tax contribution from cryptocurrency was recorded at Rp798.84 Billion (roughly $49 Million), amounting to 3% of the total taxes collected from digital activities.Digital activities generated Rp25.88 Trillion in the same duration. It is largely asserted that the growth in taxes from cryptocurrencies in Indonesia is fully backed by domestic investors.&nbsp;A sudden boost in crypto tax receipts in early 2024, with Q1 seeing tax revenue from crypto amounting to Rp112.93 billion DJP says. The Government of Indonesia officially started the collection of taxes over crypto on May 1, 2022.&nbsp;Minister of Finance Regulation No. 68/PMK.03/2022 sets an income tax (PPh) rate of 0.1 percent on the transaction value for sellers of crypto assets and a value-added tax (PPN) rate of 0.11 percent on the transaction price for buyers of crypto assets.Taxes for physical crypto asset traders that are not registered with the Commodity Futures Trading Regulatory Agency (Bappebti) are higher at 0.2% for PPh and 0.22% for PPN.&nbsp; Market Update&nbsp; The broader cryptocurrency market is reflecting a major bearishness bias. The total market capitalization has slipped by 4% to $2.2 Trillion, with most top cryptocurrencies trading in the red.Crypto moguls claim that the downfall was directed by a major sell-out negative sentiment of the broader market. In the past hours, Bitcoin lost 04.09% of its price at press time, it was trading at $61,625.&nbsp; Intraday Gainers <ul class="wp-block-list"><li>Monera (XMR): +1.01% to $161.64</li><li>XRP (XRP): +0.26% to $0.5725</li><li>Flare (FLR): +0.20% to $0.01681</li></ul> Intraday Losers&nbsp; <ul class="wp-block-list"><li>Flow (FLOW): -12.28% to $0.5958</li><li>AIOZ Network (AIOZ) : -12.18% to $0.5256</li><li>Akash Network (AKT): -9.04% to $2.57</li><li>Dogwifhat (WIF): -9.20% to $2.57</li><li>Maker (MKR): -9.01% to $2,412</li></ul>

Know Why Indonesia’s Cryptocurrency Tax Revenue Is Growing

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