Crypto Tax Contribution: IDR 798.84 Billion For Digital Economy Development

Illustration. (Photo: Unsplash)

JAKARTA - The latest data from the Ministry of Finance noted that the realization of tax levies from digital economic business activities until June 2024 reached IDR 25.88 trillion. The Crypto industry contributed IDR 798.84 billion or about 3 percent with growth at 48 percent compared to March 2024.

Of this amount, Rp376.13 billion is the result of PPh 22 on crypto sales transactions on exchangers and Rp422.71 billion from the results of VAT DN on crypto purchase transactions on exchanges. This proves that the crypto industry not only plays an important role in technological and financial innovation, but also contributes to state revenues.

INDODAX CEO, Oscar Darmawan, explained that although tax regulations in the crypto industry are still often discussed, INDODAX remains committed to complying with all existing regulations.

"As a responsible entity, INDODAX is committed to fulfilling tax obligations in accordance with applicable regulations in Indonesia. This tax deposit is a concrete form of our support for the government's efforts to advance the nation and improve people's welfare. INDODAX in tax compliance shows that the crypto sector can operate transparently and support national development in a sustainable manner," he said, in a written statement, Monday, July 29.

Of the total crypto tax that reached Rp798.84 billion, INDODAX contributed around 45 percent or nearly Rp350 billion. In addition, INDODAX also deposited a corporate tax of Rp234 billion, not including personal income tax (PPh) from nearly 500 INDODAX employees.

Not only that, currently, INDODAX leads the largest volume of crypto trading in Indonesia. Total trading volume on Indodax reached IDR 29 trillion in the second quarter of 2024. This figure shows INDODAX's superiority over other local crypto exchange platforms.

"We also highlight that, in the future, the crypto industry in Indonesia will continue to grow, and can make a more significant contribution to domestic economic development. The amount of tax generated by the crypto industry, as well as the large volume of trade, reflects the great potential of this sector in supporting the country's economic growth. We at INDODAX are committed to continuing to play an active role in realizing this potential," said Oscar Darmawan.

Furthermore, he hopes that the taxes generated by INDODAX can benefit the Indonesian people.

"Later on, these tax results can be used to build infrastructure, education, and health, as well as improve the welfare of the Indonesian people," he concluded.