Indonesia’s Bappebti Pushes for Reassessment of Crypto Taxes
Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) is advocating for a review of the country’s cryptocurrency taxation policies, particularly the government-imposed VAT of 0.11% on each crypto transaction. According to local media reports, Indonesia collected approximately $2.49 million in cryptocurrency taxes in January alone.
The current tax regime in Indonesia includes a 0.1% income tax on capital gains from crypto investments, in addition to the VAT on transactions. Bappebti has approached the Ministry of Finance to urge a reconsideration of these tax rates, emphasizing the evolving role of cryptocurrencies in the national economy.
Tirta Karma Senjaya, from Bappebti, highlighted the importance of conducting an annual review of crypto taxation laws to ensure they are in line with the changing landscape of the financial sector. He noted that as cryptocurrencies are expected to become more integrated into Indonesia’s economy by 2025, it is crucial for tax regulations to adapt accordingly.
Dwi Astuti, a spokesperson for the Ministry of Finance, stated that they welcome input from Bappebti and the public on this matter, and that discussions on tax policies will be held internally.
The push for a reassessment of crypto taxes comes as the number of cryptocurrency holders in Indonesia has seen a significant increase, rising by more than 11% from 2021 to 2023. The government collected $2.49 million in cryptocurrency taxes in January 2024, underscoring the sector’s contribution to government revenue.
As Indonesia’s crypto market continues to grow, the debate over taxation policies is likely to intensify, with stakeholders advocating for a fair and sustainable framework that supports the industry’s development.
