Indonesia collects millions of US dollars in crypto, fintech transaction taxes
Indonesia’s tax compliance special staffer Yon Arsal has said the country has collected nearly 6.8 million USD each month since the imposition of crypto and fintech transaction taxes in May.
Jakarta (VNA) – Indonesia’s tax compliance special staffer&nb🐻sp;Yonꦓ Arsal hassaid the country has collected nearly 6.8 million USD each month since theimposition of crypto and fintech transaction taxes in May.
Speakingat a recent retail conference, Arsal hoped that the figure will increasebecause it is only the initial stage.
The Indonesian finance ministry ha🅰s set the VAT on crypto-assets purchases at 0.1%. The transactions, earnings, and capital gains will be subject to a 0.1% final income tax. This rule is effective f🉐rom May 1, 2022.
Interestin digital assets has grown in Indonesia, especially during COVID-19 pandemic. Thenumber of digital asset owners amounted to 11 million as of the late 2021. According to the Indonesia's Commodity Futures Trading Regulatory Agency, the total electronic asset transactionsreached 59.8 billion USD in 2021, up 10 times from 2020./.
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Illustrative image (Photo: Internet) 
