Indonesia’s Crypto Tax Revenue Skyrockets 181% – But Volatility Raises Red Flags
Main Idea
Indonesia's crypto tax revenue surged by 181% in 2024, but 2025 has seen a significant drop due to market volatility, with regulatory shifts and tax adjustments impacting the sector.
Key Points
1. Indonesia's crypto tax revenue rose to 620 billion rupiah ($38 million) in 2024, a 181% increase from 2023, driven by higher transaction volumes and a growing user base of over 20 million.
2. Tax revenue in 2025 dropped sharply to 115 billion rupiah ($6.97 million) as of July, attributed to crypto market volatility.
3. Indonesia introduced crypto taxes in 2022, including Final VAT and Article 22 Income Tax, with initial revenue of 246 billion rupiah.
4. Regulatory oversight is shifting to the Financial Services Authority (OJK), though the transition faced delays due to incomplete frameworks.
5. Tax adjustments include increased rates for foreign exchanges (0.21%) and mining (VAT doubled to 2.2%), while buyers are no longer subject to VAT.
Description
Indonesia’s annual crypto tax revenue jumped sharply in 2024, marking its highest level since the government introduced taxation on digital assets in 2022. According to officials from the Directorate General of Taxes, the country collected 620 billion rupiah (around $38 million) last year, a 181% rise from the 220 billion rupiah recorded in 2023. The sharp increase reflects a broader surge in local crypto activity. Officials attributed the growth to a rise in transaction volumes, which reportedl...
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