Indonesia plans to increase taxes on cryptographic transactions by August 1, while investment in cryptography becomes more popular, said Reuters by quoting a new regulation of the Ministry of Finance.
Sellers using exchanges located in the country will have to pay a tax of 0.21% on the value of the transaction, against 0.1%, said Reuters. For sellers using exchanges abroad, the load increases to 1% to 0.2%. There is a certain relief: crypto buyers will no longer be subject to a value added tax (VAT) under new rules.
The new measures come after the total value of the crypto transaction on the exchanges of the country more than tripled to 650 billions of rupees (39.5 billion dollars) in 2024 compared to the previous year, said Reuters, citing the regulator data. In total, 20 million people used discussions last year, added Reuters. Indonesia began granting licenses to Crypto exchanges after adopting legislation in 2019.
The country has also increased the VAT rate for the crypto mining by 2.2% to 1.1%, Reuters reported.
