Indonesia's crypto tax revenue continues to rise substantially, leading to legislative changes regarding crypto taxation in the country.
Increase in Crypto Tax Revenue
According to the Directorate General of Taxes, Indonesia's cryptocurrency tax revenue ranges from Rp500 billion ($31.25 million) to Rp600 billion ($36.40 million) annually. This amount has more than doubled compared to the initial years of tax collection when it stood at $15 billion per year.
New Tax Rates for Crypto Trading
Starting August 1, new tax rates for crypto transactions will come into effect. The tax on crypto assets traded through local exchanges will increase to 0.21%, while overseas exchanges will face a higher tax rate of 1%. Alongside this, crypto buyers will be exempt from value-added tax.
Growth in Crypto Users
The number of crypto users in Indonesia has significantly increased, surpassing 20 million people, which accounts for about 7% of the population. This figure has nearly doubled since the introduction of tax collection in 2022, when there were 11.2 million crypto traders.
The growth of crypto tax revenue in Indonesia reflects the robust development of the crypto industry in the country, necessitating a reassessment of tax policies to regulate this sector.
