Indonesia collects millions of US dollars in crypto, fintech transaction taxes

Illustrative image (Photo: Internet)

Jakarta (VNA) – Indonesia’s tax compliance special staffer Yon Arsal has said the country has collected nearly 6.8 million USD each month since the imposition of crypto and fintech transaction taxes in May.

Speaking at a recent retail conference, Arsal hoped that the figure will increase because it is only the initial stage.

The Indonesian finance ministry has set the VAT on crypto-assets purchases at 0.1%. The transactions, earnings, and capital gains will be subject to a 0.1% final income tax. This rule is effective from May 1, 2022.

Interest in digital assets has grown in Indonesia, especially during COVID-19 pandemic. The number of digital asset owners amounted to 11 million as of the late 2021.

According to the Indonesia's Commodity Futures Trading Regulatory Agency, the total electronic asset transactions reached 59.8 billion USD in 2021, up 10 times from 2020./.