Indonesia Collects Rp875B in Crypto Taxes, Aims for More

In several nations, cryptocurrencies are charged with heavy taxes, on the other side some nations impose fewer taxes on income from digital assets. Nations with huge taxes are termed to be the critics of crypto, and ones with low taxes are termed to be a haven for these currencies.

According to a recent report from the Finance Ministry of Indonesia, the nation has registered a staggering growth in revenue from digital currency from 2022 till August 2024. 

In this period, Indonesia collected approximately Rp27.85 trillion in taxes from the digital economy which includes taxes from e-commerce, cryptocurrency taxes, peer-to-peer lending or online loan taxes and other related to the digital economy. 

Dwi Astuti, Director of Counseling Services and Public Relations noted that since 2020, e-commerce VAT has deposited Rp22.3 trillion from 166 collectors. 

In the official statement on September 12, Dwi additionally said “The revenue in 2024 amounts to Rp5.39 trillion.” Meanwhile, crypto tax revenues from 2022 have amounted to Rp875.44 billion, comprising Rp411.12 billion from the tax on crypto trade and Rp463.32 billion from crypto VAT. 

Total taxes collected from online loans from 2022 August 2024 reached Rp2.43 trillion. The online taxes comprise income tax on loan interest received by domestic taxpayers and permanent establishment amounting to Rp765.26 billion. 

It is crucial to note that the Indonesian government has also collected Rp354.2 billion in taxes from foreign taxpayers, and the total VAT on periodic deposits amounting to Rp1.31 trillion. 

As per speculations, Indonesia is among the leading nations that gathers a significant chunk of overall taxes from the digital economy, especially from cryptocurrencies and related products. 

Nations With Highest Taxes on Cryptocurrencies 

After the 2022 union budget, India changed its tax slabs for Cryptocurrencies, as of now on profit from digital assets one has to pay 30% as direct taxes, 1% additional as TDS over the incomes from the space. 

The United States Taxes crypto gains based on income tax brackets, with short-term gains taxed up to 37% and long-term gains taxed up to 20%.

Crypto Market Price Update 

When writing the fear and greed index powered by CoinMarketcap was at 33 reflecting a fear sentiment in the broader market. The cryptocurrency market capitalization was at $2.03 trillion with an intraday decline of 0.81%. 

Until publishing, Bitcoin was trading at $57,854 with a loss of 0.61% in trading price, its trading volume also fell more than 18% in the past 24 hours. 

Aave lost 5.47% of its trading price reaching $141.31, which makes it the topper of the intraday loser list, followed by Artificial Superintelligence Alliance (FET) at $1.34 with a decline of 5.21%.

Quant (QNT) tops the gainers list adding 7.97% to its price intraday reaching $76.65, followed by Worldcoin (WLD) at $1.48 adding 5.11%, Mantra (OM) at $1.13 adding 5.12%.