The Ministry of Finance of Indonesia has published a report on the significant growth in tax revenues from the digital economy from 2022 to August 2024.
Rapid Growth in Digital Economy Revenues
From 2022 to August 2024, Indonesia collected approximately Rp27.85 trillion in taxes from the digital economy. This includes taxes from e-commerce, cryptocurrencies, peer-to-peer lending, and other activities related to the digital economy.
Tax Revenue Statistics
Dwi Astuti, Director of Counseling Services and Public Relations, noted that since 2020, VAT on e-commerce has amounted to Rp22.3 trillion from 166 collectors. In the official statement on September 12, she added that the revenue in 2024 amounts to Rp5.39 trillion. Meanwhile, crypto tax revenues from 2022 have amounted to Rp875.44 billion, comprising Rp411.12 billion from the tax on crypto trade and Rp463.32 billion from crypto VAT. Total taxes collected from online loans from 2022 to August 2024 reached Rp2.43 trillion. The online taxes include income tax on loan interest received by domestic taxpayers and permanent establishments amounting to Rp765.26 billion. It is crucial to note that the Indonesian government has also collected Rp354.2 billion in taxes from foreign taxpayers, and the total VAT on periodic deposits amounted to Rp1.31 trillion.
Nations with the Highest Crypto Taxes
After the 2022 budget, India changed its tax slabs for cryptocurrencies. Currently, a direct tax of 30% is imposed on profits from digital assets, with an additional 1% as TDS. In the US, crypto gains are taxed based on income tax brackets, with short-term gains taxed up to 37% and long-term gains taxed up to 20%.
As the reports indicate, Indonesia is becoming one of the leading countries in collecting taxes from the digital economy, particularly from cryptocurrencies and related products.
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