Crypto And Fintech Contributed IDR 71.72 Billion To State Revenue

Crypto (photo: illustration: Unsplash)

JAKARTA - The Ministry of Finance noted that in January 2024 it managed to collect crypto taxes and financial technology of IDR 71.72 billion.

The Director General of Taxes at the Ministry of Finance, Suryo Utomo, explained that taxes of Rp. 71.72 billion came from cryptocurrencies worth Rp. 39.13 billion and the rest was Rp. 32.59 billion from financial technology.

"Crypto tax of IDR 18.2 billion comes from Article 22 Income Tax (PPh) and IDR 20 billion from Value Added Tax (VAT) for crypto transactions that occurred in January 2024," said Suryo during a press conference on the KiTa State Budget, Thursday, February 22, 2024.

Suryo explained that the peer to peer lending (P2P)-based fintech tax came from Article 23 of PPh of IDR 20.5 billion and IDR 12.09 billion came from Article 23 of PPh and Article 26.

For information, the Ministry of Finance noted that the realization of state revenue in January 2024 was IDR 215.5 trillion or 7.7 percent of the APBN. It is known that the budget ceiling determined this year is IDR 2,802.3 trillion.

Meanwhile, this state revenue is supported by tax revenues which reach Rp172.2 trillion or equivalent to 7.5 percent of the APBN target of Rp2,309.9 trillion.

Tax revenues consist of tax revenues of Rp. 149.2 trillion, or 7.5 percent of the APBN target of Rp. 1,988.9 trillion.