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Sri Mulyani says Indonesia collects rp48bn in crypto tax

Tempo - July 28, 2022

Hendartyo Hanggi, Jakarta (Bisnis) – Finance Minister Sri Mulyani Indrawati said the government pocketed Rp48 billion in tax on cryptocurrency transactions. The figure was obtained from both income tax (PPh) and value-added tax (VAT).

"We also collect crypto taxes. We earned Rp22.08 billion from PPh 22 and Rp25.11 billion from VAT," said Sri in Jakarta, Wednesday, July 27, 2022.

The cryptocurrency tax has been in effect since May 1, 2022, as stated in the Minister of Finance Regulation (PMK) Number 68/PMK.03/2022 concerning VAT and PPh on Crypto Asset Trading Transactions.

The Indonesian government allows the trading of crypto assets as a commodity, but people are barred from using it as payment means.

Previously, the Directorate General of Tax official Bonarsius Sipayung revealed that the total crypto transactions in Indonesia in 2020 reached around Rp850 trillion. "If it is multiplied by 0.2 percent [for tax], it will be around Rp1 trillion," said Bonarsius, last April.

Source: https://en.tempo.co/read/1616610/sri-mulyani-says-indonesia-collects-rp48bn-in-crypto-ta