Indonesia Scraps Crypto VAT, Doubles Mining Fees in Policy Shift
Key Notes
- Indonesia’s crypto transaction volume tripled in 2024, with over 20 million users on exchanges.
- Crypto buyers will no longer have to pay VAT.
- However, cryptocurrency miners will see a 100% rise in VAT.
The finance ministry of Indonesia will reportedly bring a significant policy shift on cryptocurrency taxes in August.
The regulator will increase the domestic trades tax from 0.1% to 0.21%, while foreign exchange trades face a 1% tax, up from 0.2%, according to a Reuters report on July 30.
Moreover, the new policy removes friction for those who purchase digital assets. The report says that crypto buyers will no longer need to pay Value Added Tax (VAT), which was previously between 0.11% and…
