Tokocrypto Supports New Tax Policy For Crypto Assets By DGT

Photo: Binance

The Directorate General of Taxes (DGT) of the Ministry of Finance is finalizing a new tax policy for two digital instruments and an increasingly popular investment, namely crypto assets and precious metals (bullion).

This move received a positive response from industry player, Tokocrypto CEO, Calvin Kizana, expressed his support for the government's efforts to create a more organized and fair tax system for digital assets.

"We welcome the process of drafting a tax policy on crypto assets that is being finalized by the DGT," Calvin said in a statement received on Thursday, July 17.

According to him, this step shows the government's commitment to regulating the industry with an inclusive and adaptive approach to the development of digital technology and finance.

Calvin also stated that the imposition of fair and proportional taxes would support industrial growth. He hopes that the revision of tax regulations will consider the status of crypto assets as financial assets, no longer commodities.

Currently, cryptocurrencies are still subject to a Value Added Tax (VAT) of 0.11% and a final income tax of 0.1%, as stipulated in PMK No. 68 and PMK No. 81 of 2024.

"However, if crypto is treated as a financial product, then VAT should not be imposed, like other financial products. We hope that the revision of PMK No. 81 can accommodate this," he said.

Calvin added, although crypto tax regulations in Indonesia are quite moderate compared to other countries, such as the United States which imposes up to 37% PPh on the capital gains of digital assets, there is still room for improvement.

In fact, according to him, several countries such as Thailand have taken progressive steps by exempting personal income taxes on local crypto transactions until 2029.

"This is a signal that a supportive fiscal approach can boost industrial competitiveness," Calvin concluded.