Indonesia to Increase Crypto Trades Tax and Remove VAT for Buyers

Indonesia's finance ministry plans a policy shift on cryptocurrency taxes starting in August. Key changes include:

Increase of domestic trades tax from 0.1% to 0.21%
Foreign exchange trades tax rising from 0.2% to 1%
Removal of Value Added Tax (VAT) for crypto purchases, previously between 0.11% and 0.22%
Increased VAT on crypto mining from 1.1% to 2.2%
Elimination of the special 0.1% mining income tax; mining income taxed under standard corporate or personal rates starting in 2026

In 2024, Indonesia's cryptocurrency transaction volume reached 650 trillion rupiah (approximately $39.67 billion), with over 20 million users of digital currency exchanges. The new regulations classify crypto as a financial asset, aligning it more closely with stocks and bonds.

Tokocrypto, backed by Binance, supports the changes but seeks a one-month adjustment period for companies.