ASPAKRINDO Deputy Provides Solutions For Crypto Industry Tax In Indonesia

JAKARTA - Based on data from the Commodity Futures Trading Supervisory Agency (CoFTRA), the number of crypto asset transactions in Indonesia reached IDR 122.8 trillion as of November 2023.

For information, this number decreased by 58 percent (yoy), from the previous year in the same period of Rp296.66 trillion.

According to the Deputy Chairperson of the Indonesian Crypto Asset Traders Association (ASPAKRINDO) Yudhono Rawis, one of the reasons for the reduction is that the tax tariff burden is too large and has not been carried out fairly.

According to Yudho, adjusting tax rates that do not burden users can gradually increase tax revenue and become a profitable solution for the growth of the domestic crypto industry.

One solution that might be considered is reducing the VAT tax rate for crypto transactions. This will make the crypto tax scheme more fair, but it will not burden crypto business actors too much," Yudho said in a statement received.

Furthermore, Yudho also provided other solutions such as the implementation of the Tax Amnesty program specifically for tax subjects who have crypto assets abroad.

With the Tax Amnesty program, Yudho believes that the government can encourage repatriation of funds and declaration of crypto assets owned by Indonesian citizens abroad.

"This will not only increase tax compliance but also potential tax revenue from the crypto sector," he explained.

In addition, Yudho also believes that treating crypto as a security, not a commodity, will reduce the tax burden on users.

The crypto tax scheme should be similar to stocks, where the income tax is only imposed when selling. This is based on the characteristic similarity between stocks and crypto as digital financial assets traded with potential profits, "concluded Yudho.