Jakarta, CNBC Indonesia – Starting May 1, 2022 all crypto asset transactions in Indonesia will be subject to value added tax (VAT) and income tax (VAT). How does it count for crypto investors?
The rules for collecting crypto taxes are contained in Minister of Finance Regulation (PMK) Number 68 of 2022 concerning Income Tax and Value Added Tax on the Implementation of Financial Technology (Fintech).
For crypto investors, VAT will be imposed on the delivery of the crypto assets to other parties, be it buying and selling or exchanging. Here are the rates:
1% of the VAT rate multiplied by the transaction value of crypto assets if you do it on a crypto trading platform registered with CoFTRA; or
2% of the VAT rate times the transaction value of crypto assets if the transaction is on a platform that is not registered with CoFTRA.
“When the asset moves, from one account to another. Whether it is in the context of buying and selling or in the context of an exchange, it is VAT payable. […] It’s not in the context of money that comes out of an e-wallet and is owed VAT,” explained Bonarsius Sipayung, Head of the Sub-Directorate of Value Added Tax for Trade, Services and Other Indirect Taxes, Directorate General of Taxes (DGT), Ministry of Finance. ).
Crypto investors will be subject to income tax from the income received or earned from the sale of crypto assets. Amount:
If the transaction is made on a platform registered with CoFTRA, a rate of 0.1% of crypto transactions is charged
If the transaction is made on a platform that is not registered with CoFTRA, the rate of 0.2% of crypto transactions is charged.
Example of the Calculation of Buying and Selling Crypto
Mr. A has 1 XX crypto asset coin worth IDR 200 million and Miss B has rupiah money stored in an e-wallet provided by a platform registered with CoFTRA. Then Mr A sold 0.7 coins to Miss B.
- Then Mr. A will be subject to income tax with the calculation of 0.1% x (0.7 coins x IDR 200 million) = IDR 140 thousand.
- Miss B will be subject to VAT tax with a calculation of 1% of 10% or equal to 0.1% x (0.7% x IDR 200 million) = IDR 140 thousand.
- Collection and deposit will be done by the exchange platform.
Example of Crypto Swap Calculation
Miss B exchanged 0.3% XX crypto coins for Mr C’s 30 YYY crypto coins. When they exchanged the price of 1 XX crypto coin was IDR 500 million. They carry out transactions on crypto platforms registered with CoFTRA.
- Then Miss B will be subject to Income Tax of 0.1% x (0.3 x Rp 500 million) = Rp 150 million.
- Meanwhile, Mr. C is subject to VAT tax of 0.1% from 10% x (0.3% x Rp 500 million) = Rp 150 million.
- Collections and deposits are carried out by crypto platforms.
(roy/me)
–
