DIGIVESTASI - The Ministry of Finance (MoF) collected a total of IDR 71.72 billion from cryptocurrency and fintech taxes. Director General of Taxes at the Ministry of Finance Suryo Utomo said the government will collect the revenue in January 2024. 

"The current virtual currency tax amounted to 39.13 billion Rupiah. (Details) 18.25 billion Rupiah will come from Individual Income Tax (PPh) Article 22, 20.88 billion Rupiah will be added to cryptocurrency transactions that will be made in January 2024. It comes from the value of tax (VAT)," Suryo explained during the KiTA APBN virtual press conference on Thursday. (February 22) 

Finally, taxes on fintech, also known as peer-to-peer lending (P2P), amount to tens of billions of dollars. Suryo said the government collected IDR 32.59 billion from fintech taxes in the first month of 2024.  The DGT received IDR 20.5 billion of the income tax Article 23 revenue. Meanwhile, the remaining IDR 12.09 billion was a refund of ITA 26. 
"Thus the total P2P lending (tax) in January (2024) amounted to IDR 32.59 billion," he concluded. 

Virtual currency and fintech taxes are regulated in Law Number 7 of 2021 concerning Harmonization of Taxation Regulations (UU) or known as the HPP Law. However, the government will only start collecting it in 2022, after the derivative regulations are enacted. Regarding cryptocurrency, the Ministry of Finance has issued technical implementation rules in the form of Ministerial Regulation (PMK) No.68/PMK.03/2022. This regulation will be promulgated on March 30, 2022 and effective on May 1, 2022. 

Fintech tax is currently regulated in PMK Number 69/PMK.03/2022 concerning Income Tax and VAT on the Implementation of Financial Technology. The issuance and implementation time of this regulation is exactly the same as the virtual currency tax.

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