Jakarta, CNBC Indonesia – Crypto asset trading in Indonesia will be taxed starting May 1, 2022. Crypto asset traders will have the obligation to collect Value Added Tax (VAT) and Income Tax (PPh) for every investor who makes buying and selling transactions on the platform.
Regarding the determination of this tax collection, Indodax CEO Oscar Darmawan said, the imposition of taxes in general poses a positive side, especially regarding the position of crypto as a digital commodity in Indonesia.
“On the positive side, with the imposition of taxes on crypto, I think it will increase the legality of crypto as a digital commodity that is recognized and legally traded,” said Oscar in a written statement, Thursday (28/4/2022).
Although the imposition of this tax has a positive side, there are pros and cons in the domestic crypto community regarding the amount of transaction fees that will be charged to investors, which will increase by 0.21% (0.1% for Pph and 0.11% for VAT). .
As an industry player, Oscar hopes that the percentage of this tax rate can be reduced over time so that the fee can be cheaper.
“This regulation regarding taxes will be launched for the first time on May 1. While we are looking at the development of domestic crypto consumers, I hope that over time the tax rates can be cheaper,” he said.
He added, do not let domestic crypto investment stretch into a sluggish state. This is of course very unfortunate. Given the high trend of crypto investment, it provides great opportunities for the growth of Indonesia’s digital economy.
“This also happens so that the domestic industry is not less competitive with foreign crypto industries,” said Oscar.
But on the other hand, as an industry player, Oscar also considers the fast steps of the government to issue PMK regulations so that there is legal certainty regarding ownership of crypto assets.
Crypto asset traders who transact on CoFTRA regulated exchanges will be subject to a final tax of 0.21%. This figure is considered much cheaper than transacting on an exchange that is not designated as a tax collector where the traders will be subject to the normal PPh rate.
“With this PMK, I think this is a signal from the government that we crypto asset traders must comply with taxes from now on, especially since the government has provided tax incentives like this.” he concluded.
(roy/roy)
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