In the digital era, the electronic money, or crypto, is increasingly being used by the Indonesia people. For this reason, the government is preparing tax regulations regarding for the use and ownership of crypto assets accommodation.
The news about the tax regulation formulated was conveyed by the Head of the Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade, Indrasari Wisnu Wardhana. He said the levy scheme was being discussed by the trade authority and the Fiscal Policy Agency (BKF) of the Ministry of Finance.
“Regarding the tax arrangement [of crypto assets], we are in discussion with BKF,” he said last week.
He explained the creation of this crypto asset tax rule. According to him, the number of transactions and investors of crypto assets continues to increase dramatically. Until February 2022, crypto-asset transactions were recorded at IDR 83.8 trillion with 12.4 million investors. Therefore, the government immediately took quick steps.
However, the Head of BKF of the Ministry of Finance Febrio Kacaribu previously said that the tax treatment of crypto asset transactions is also awaiting regulatory decisions from other regulators who are responsible for crypto regulations in Indonesia.
The regulators are the Financial Services Authority (OJK), Bank Indonesia (BI), and the Deposit Insurance Corporation (LPS).
According to him, one thing that can be confirmed regarding the mechanism of the crypto asset tax scheme is to use Final Income Tax (PPh).
“But the government cannot alone [formulate crypto-asset tax rules],” he said.
On the other hand, Member of Commission VI of the House of Representatives (DPR) Muhammad Husein Fadlulloh, the government needs to formulate regulations for the sale of crypto assets to secure potential state revenues.
“We see here that there is potential for this cryptocurrency trade to provide income to the country,” he said.
In fact, the imposition of taxes on crypto assets has been carried out by several other countries by securing state revenues.
Meanwhile, the Indonesian government can use the basis of Law no. 36/2008 concerning Income Tax which mandates the imposition of levies for each additional economic capacity.
