The Indonesian Commodity Futures Trading Regulatory Agency (Bappebti) is reportedly seeking a review from the national Ministry of Finance on its stance regarding cryptocurrency taxes.
According to a recent local report, officials at Bappebti have requested a reevaluation of the government-imposed value-added tax (VAT) of 0.11% per cryptocurrency transaction in Indonesia, as well as the 0.1% income tax on cryptocurrencies.
Tirta Karma Senjaya, the head of the Development and Market Supervision Division at Bappebti, explained that this is due to the fact that cryptocurrencies are becoming an integral part of Indonesia’s larger economy in the near future.
The report further notes that the government’s total revenue from cryptocurrency taxes in Indonesia amounted to approximately $2.49 million in January. It also stated that, as of January 2024, revenue from cryptocurrency taxes reached 39.13 trillion Rp.
Although these cryptocurrency taxes have been in effect in Indonesia for nearly two years, Senjaya stated that they should be reviewed annually, similar to other tax laws.
“The evaluation is necessary because this regulation has been in effect for over a year. Typically, taxes are reviewed annually,” the report stated.
