According to information from Reuters, on July 30, the Indonesian Ministry of Finance issued new regulations increasing taxes on cryptocurrency transactions, officially taking effect from August 1. This policy will significantly impact cryptocurrency trading activities both domestically and internationally.
Specifically, the tax rate for sellers of cryptocurrency assets on domestic exchanges will increase from 0.1% to 0.21%. For transactions conducted on international platforms, the tax will sharply rise from 0.2% to 1%, clearly reflecting the government's intention to tighten control over foreign trading platforms.
Notably, buyers will no longer have to pay value-added tax (VAT) as before. However, in the cryptocurrency mining sector, VAT will double from 1.1% to 2.2%, indicating efforts to increase revenue from this industry.
Many industry experts believe that this tax increase demonstrates the Indonesian government's stance on reclassifying cryptocurrencies from goods to financial assets. Nevertheless, they also call for a reasonable adjustment period for businesses to adapt, while simultaneously strengthening supervision of trading activities on international platforms to limit fraud and tax evasion.
