JAKARTA - The government through the Ministry of Finance (Kemenkeu) stated that starting May 1, 2022 it will collect Value Added Tax (VAT) for every transaction in the field of financial technology or financial technology (fintech), such as electronic money and digital wallets.
The decision is contained in the Law on the Harmonization of Tax Regulations (HPP) with the technical rules of Minister of Finance Regulation (PMK) Number 69/PMK.03/2022 concerning Tax Treatment of Financial Technology.
Head of the Sub-Directorate of VAT, Trade, Services, and Indirect Taxes at the Directorate General of Taxes at the Ministry of Finance, Bonarsius Sipayung, said that the VAT levy on fintech had previously been applied.
"The imposition of taxes on parties facilitating transactions and non-taxes on the value of fintech transaction actors," he said, quoted Friday, April 8.
VOIR éGALEMENT:
Meanwhile, the VAT levy scheme at Fintech can be explained as follows. If there is someone who tops up an electronic wallet (e-wallet) of IDR 100.000 on the X application.
This application company X charges a top-up fee of IDR 1.000, so the amount that the person has to pay is IDR 101.000. This scheme applies if the X application has included the VAT fee in its top up fee.
However, if VAT is not included, then the value charged is IDR 1.000 x 11 percent = IDR 110. Thus, the total value to be paid by consumers is IDR 101.110.
"So this is a tax that comes from the company's fees and not the value charged by consumers," said Bonarsius.
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