Crypto Tax Revenue Reaches IDR 191.1 Billion in Five Months

Illustration (Photo: Doc. Antara)

JAKARTA – The government through the Minister of Finance (Menkeu) Sri Mulyani reports that tax revenues from crypto transactions are quite encouraging.

The Minister of Finance explained that income tax (PPh) 22 receipts for crypto asset transactions through Domestic Electronic Trading (PPMSE) and self-deposits were recorded at IDR 91.4 billion.

Meanwhile, domestic value-added tax (VAT) on non-treasury collectors reached IDR 99.7 billion.

From the two receipts, the tax deposit from crypto asset transactions reached IDR 191.1 billion.

"This is a tax collected by the government with a validity period from May 1, 2022, and began to be paid by taxpayers (WP) since last June," she said while giving a presentation on the realization of our APBN, quoted Friday, November 25.

According to the state treasurer, the ease of digital asset tax levies cannot be separated from the new legal umbrella set by the government.

"Thanks to the Law on the Harmonization of Tax Regulations (HPP) we can expand the tax base to increase state revenues," she said.

In addition to cryptocurrencies, the Minister of Finance also said that financial technology (fintech) business actors also contributed by depositing taxes of around IDR 148 billion in the same period.

In general, until October 2022, tax revenues from all sectors recorded a value of IDR 1,448.2 trillion. This figure grew 51.8 percent year on year (YoY) when compared to the same period in 2021 IDR 953.8 trillion.