Indonesia's crypto tax revenue continues to rise, reaching $36.4 million a year. The government is preparing to raise the tax rate for crypto transactions this month.
Indonesia's cryptocurrency tax revenues ranged from 500 million rupees ($31.25 million) per year to 600 million RP ($36.4 million), according to data from the tax director reported by local media outlet Tirto.
This number has more than doubled from $15 billion a year compared to the country's start collecting taxes from crypto revenues in 2022. The amount of crypto tax revenues fell slightly since then, but rose again in 2024, reaching $379.8 billion a year.
The increase in crypto tax revenue coincided with an increase in annual crypto transactions in 2024, tripling to $650 trillion.
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In fact, the number of crypto users in Indonesia has increased dramatically, exceeding 20 million. This represents about 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 just three years, the number of crypto traders in Indonesia has almost doubled. This reflects the growing crypto industry in the country that has been influx of homemade crypto exchanges such as Indodach, Tococrypto and Pintu.
Indonesia raises crypto tax today
Today is the first day the government will raise crypto trading taxes under new financial regulations that came into effect in August. Starting today, crypto assets traded through domestic exchanges will need to pay 0.21% tax on the transaction value.
Previously, taxes on crypto transactions were set at 0.11%.
The tax hike was even higher on overseas crypto exchanges, with an additional 0.2% tax on crypto transactions made by Indonesian users. However, the new law requires foreign crypto companies to pay an astonishing 1%, up 0.8% from this month.
Meanwhile, Crypto buyers will no longer have to pay VAT or VAT. The new regulations abandon VAT applied to customers that was previously set at 0.11% to 0.22%.
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