Has been taxed, business payout to cryptocurrency merchants also increases

Has Been Taxed, Business Payout To Cryptocurrency Merchants Also Increases

Indodax has increased the fees charged for purchasing crypto tokens from an initial 0.3% to 0.51%. On the other hand, Tokocrypto’s commercial fees have increased to 0.31% as of May 1, 2022.

The Ministry of Finance (Ministry of Finance) has implemented a Number Aggregate Tax (VAT) and Income Tax (PPh) for legacy cryptocurrency trading as of May 1, 2022. Cryptocurrency traders such as Indodax and Tokocrypto have also increased their fees. Trading fees for consumers. Indodax, for example, increased the fees charged for purchasing crypto tokens or borrower fees from 0.3% to 0.51%. On the other hand, fees charged for marketing or maker fees are always 0%. The increase in trading fees is getting used to the Ministry of Finance’s cryptocurrency tax order based on the Minister of Finance Regulation (PMK) No. 68 or PMK. 03 or 2022. However, at this time Indodax has not yet made the payment available and the tax amount between the customer, buyer and seller is in accordance with this policy.

Not only Indodax, Tokocrypto also pays 0.11% VAT and 0.1% PPh as per the provisions of the Ministry of Finance. As of May 1, 2022, the trading fee on Tokocrypto will be 0.31%, which is the trading fee that was originally 0.1% plus VAT and 0.21% income tax.

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Tokocrypto gives an example, if there is a business selling bitcoin relics of 0.5 BTC with a base price of Rp. 500 million, then the payment burden that consumers bear is Rp. 775 thousand. Previously, the Directorate General of Taxation (DGT) speculated that the country’s revenue capacity to impose taxes on cryptocurrency companies was in excess of IDR 1 trillion.

“The entire cryptocurrency business is close to IDR 850 trillion. Try to multiply it by 0.2%, then it’s close to IDR 1 trillion”, said the head of the Sub-Directorate of Regulation of VAT, Trade, Services and PTLL Bonarsius Sipayung in dialogue with the tool, Wednesday (6 or 4). said that the income capacity of the jumbo could be maximized to strengthen social incentives for residents. In this way, many citizens who finance in cryptocurrencies are also contributing to the country.

Furthermore, the cryptocurrency business in Indonesia continued to grow. The Commodity Futures Trading Supervisory Body (CoFTRA) wrote that the number of trades last year was IDR 859.4 trillion. The value increased by 1,222.8% compared to 2020, which was only Rp. 64.9 trillion.

The peak started to appear since the second quarter of 2021. In the first 2 months of this year, the number of cryptocurrency companies also reached IDR 83.8 trillion. This is greater than the number of deals for the following year’s total.

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