Indonesia’s crypto tax revenue continues to rise, reaching as high as $36.40 million yearly. The government is preparing to hike up the tax rate for crypto transactions this month.
According to data from the Directorate General of Taxes reported by local media outlet Tirto, Indonesia’s cryptocurrency tax revenue managed to reach between Rp500 billion ($31.25 million) to Rp600 billion ($36.40 million) on a yearly basis.
Compared to the first time the nation began collection tax from crypto revenue back in 2022, this number has more than doubled from just $15 billion in a year. Although the amount of crypto tax revenue did dip slightly in the year that followed, it rose again in 2024 as it reached as high as $37.98 billion in a year.
The increase in crypto tax revenue also coincides with the growing number of crypto transaction value per year, which tripled to $650 trillion in 2024.
In fact, the number of Indonesian crypto users has increased significantly, surpassing 20 million people. This represents around 7% of the population. Compared to 2022, when crypto tax revenue collection was first implemented, the number of crypto traders was still at 11.2 million.
This means that in the span of just three years, the number of crypto traders in Indonesia has nearly doubled. This reflects the growing crypto industry in the nation which has seen an influx in homegrown crypto exchanges such as Indodax, Tokocrypto, Pintu, and more.
Indonesia raises its crypto tax today
Today marks the first day the government will reportedly raise its crypto transaction tax based on the new Ministry of Finance regulation that comes into effect in August. Starting today, crypto assets traded through domestic exchanges must pay a 0.21% tax on transaction values.
Previously, the tax on crypto transaction was set at 0.11%.
The tax raise is even higher for overseas crypto exchanges, which had to pay an additional 0.2% tax on crypto transactions made by Indonesian users. However, the new law requires them to pay a staggering 1% for overseas crypto firms, rising 0.8% starting this month.
On the other hand, crypto buyers will no longer have to pay value added tax or VAT. The new regulation waives the VAT applied to customers, which was previously set at 0.11% to 0.22%.