CoFTRA Continues Discussion Regarding Crypto Tax Evaluation

Head of the Commodity Futures Development and Development Bureau, CoFTRA Tirta Karma Senjaya (right). (Photo: Doc. ANTARA)

JAKARTA - The Commodity Futures Trading Supervisory Agency (CoFTRA) continues to discuss the evaluation of crypto taxes involving various stakeholders, including the Indonesian Crypto Asset Traders Association (Aspakrindo).

Head of the Commodity Futures Development and Development Bureau, CoFTRA Tirta Karma Senjaya, said that internal discussions would be carried out after a response from the Directorate General of Taxes (DGT) of the Ministry of Finance regarding the evaluation of crypto taxes.

"There is (a discussion), we will (discuss) with Mr. Robby, the Chairperson of Aspakrindo later so that one voice. Yesterday, it was also discussed in the news, the Directorate General of Taxes responded, yes, yesterday they were ready to talk. If this is the case, they have (given) the green light, we are also good, so come in like that," Tirta said as quoted by ANTARA, Thursday, March 14.

Tirta assessed that the imposition of taxes on crypto assets needs to be re-evaluated considering that the crypto industry in Indonesia is currently still relatively new. The new industry should be given room to grow.

In the discussion later, it is planned that CoFTRA will consider proposing the tax value of half of the current crypto tax.

"Before it was determined (crypto tax), in the past, our proposal was actually half, maybe someone had recorded the proposal, so that was half. So 0.05 (percent) and 0.055 (percent)," said Tirta.

The government has officially set taxes for crypto assets through the Regulation of the Minister of Finance (PMK) of the Republic of Indonesia Number 68/PMK.03/2022 which is valid from May 1, 2022.

The PMK regulates Value Added Tax (VAT) and Income Tax (PPh) for crypto asset trading transactions.

The income tax for crypto asset sellers was recorded at 0.1 percent of the transaction value, and the VAT imposed was 0.11 percent of the transaction value.

Meanwhile, for those who have not registered with CoFTRA, the tax levy is higher, namely PPh 0.2 percent and VAT 0.22 percent.

Tirta also said that the taxes imposed in the crypto industry in Indonesia will also have an impact on the value of domestic crypto transactions.

The reason is, with the determination of PPn and PPh on crypto transactions, many customers transact crypto abroad.

"If you wear a large (tax), the Indonesian crypto industry is still embryo. Overall, the crypto industry is still new. The new industry needs to be given room to grow," said Tirta.

For this reason, coinciding with the process of transitioning crypto asset supervision from CoFTRA to the Financial Services Authority (OJK), it is also expected to be a momentum evaluation for crypto asset tax rules.