Economy

The Commodity Futures Trading Supervisory Agency (Bappebti) continues discussions on evaluating crypto taxes by involving various stakeholders, including the Indonesian Crypto Asset Traders Association (Aspakrindo).

Head of the CoFTRA Commodity Futures Trading Development and Development Bureau, Tirta Karma Senjaya, said that internal discussions would be carried out following receiving a response from the Directorate General of Taxes (DJP) of the Ministry of Finance regarding the evaluation of crypto taxes.

“There is a (discussion), we will (discuss) with Mr. Robby, Chairman of Aspakrindo later so that we can have one voice. Yesterday it was also discussed in the news, the Directorate General of Taxes responded, yes, yesterday they were ready to talk. “If it’s like this, they’ve (given) the green light, we’re also happy to enter like that,” said Tirta at the Reku Finance Flash discussion event in Jakarta, Thursday.

Tirta believes that taxation on crypto assets needs to be re-evaluated considering that the crypto industry in Indonesia is currently still relatively new. This new industry should be given room to grow.

In later discussions, Bappebti plans to consider proposing a tax value of half the current crypto tax.

“Before it (crypto tax) was determined, our proposal was actually half, yes, maybe someone had noted down the proposal, so it was half. So 0.05 (percent) and 0.055 (percent),” said Tirta.

The government has officially determined taxes for crypto assets through the Minister of Finance Regulation (PMK) of the Republic of Indonesia Number 68/PMK.03/2022 which has been in effect since May 1, 2022.

The PMK regulates Value Added Tax (VAT) and Income Tax (PPh) on crypto asset trading transactions.

PPh for sellers of crypto assets is recorded at 0.1 percent of the transaction value, and VAT charged is 0.11 percent of the transaction value.

Meanwhile, for those who have not registered with Bappebti, the tax levy is higher, namely PPh 0.2 percent and VAT of 0.22 percent.

Tirta also said that the taxes imposed on the crypto industry in Indonesia will also have an impact on the value of crypto transactions in the country.

The reason is, the stipulation of VAT and PPh on crypto transactions has resulted in many customers making crypto transactions abroad.

“If a large direct (tax) is imposed, the Indonesian crypto industry will still embryo. Overall the crypto industry is still new. “Industries that are still new need to be given room to grow,” said Tirta in the Talk Show on the Crypto Ecosystem by Indodax, Tuesday (27/2).

For this reason, coinciding with the process of transferring supervision of crypto assets from Bappebti to the Financial Services Authority (OJK), it is hoped that this will also be a momentum for evaluating crypto asset tax regulations. (Z-8)