An official at Indonesia’s crypto regulator, the Commodity Futures Trading Supervisory Agency (Bappebti), has called on the Finance Minister to reconsider tax rates for digital assets.
Crypto is treated as commodities in the Southeast Asian nation, and is therefore subject to value-added tax (VAT) and income tax. But this is set to change when crypto oversight switches over to the country’s broader financial services regulator OJK in 2025.
“As crypto is expected to join the financial sector by January 2025, we urge the Tax Director General to review these taxes. It’s been over a year since these rules were put in place, and taxes usually get checked every year,” Tirta Karma Senjaya from Bappebti said during an event on Tuesday.
Tirta also said that the digital asset industry is still in its infancy and needs space to grow before making significant tax contributions to national revenue.
Existing taxes have been called out by the industry as burdensome for users and service providers. Indonesian crypto exchanges blamed a dramatic