Indonesian tax official Hestu Yoga Saksama said on Friday that the country plans to impose a value-added tax on crypto-asset transactions from May 1 amid a boom in digital asset trading, with a separate tax on capital gains from such investments compared to stocks. The tax rate matches the income tax of 0.1%. Specific implementation regulations are being formulated.
Southeast Asia’s largest economy has seen a surge in interest in digital assets during the COVID-19 pandemic. It is estimated that as many as 7.4 million Indonesians had invested in cryptocurrencies as of last July, double the amount in the same period last year. By the end of 2021, the number of crypto asset holders jumped to 11 million. The total value of crypto assets traded in the commodity futures market reached 859.4 trillion rupiahs (equivalent to US$59.8 billion) last year, an increase of more than 10 times compared to 2020.
Indonesians are allowed to trade crypto assets as a commodity, but not as a means of payment.
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