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Trade Ministry's futures regulator mulls crypto transaction tax
The government is in the early stages of thinking about taxing cryptocurrency transactions.
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The government is looking at taxing cryptocurrency transactions as consumer interest continues to grow worldwide, leading Bitcoin to hit a record high on April 13, 2021. (Shutterstock/File)
T
he Commodity Futures Trade Regulatory Agency (Bappebti) is considering a plan to tax cryptocurrency transactions amid rising public interest in the digital asset, especially in the past year.
According to the agency, which falls under the Trade Ministry, the government is expected to impose a type of final income tax (PPh Final) on transactions using virtual currency, to be automatically levied by the 13 cryptocurrency trading platforms registered with Bappebti.
“It is currently [undergoing] internal review at Bappebti, then we will coordinate with the BKF,” Bappebti head Sidharta Utama told The Jakarta Post by text message on Tuesday, referring to the Finance Ministry’s Fiscal Policy Agency. He added that the tax rate had not been discussed.
The BKF confirmed separately with local media that it had not received official word from CoFTRA on the agency’s planned cryptocurrency tax.
Read also: Bank Indonesia in no hurry over digital currency
Bappebti has taken several steps in recent months to tighten control over cryptocurrency trading amid the rising popularity of virtual currency worldwide.
Last December, the agency issued a regulation that recognized 229 cryptocurrencies as legally tradable commodities and this February, it issued another regulation to recognize the 13 platforms as licensed cryptocurrency trading platforms.
