Remember, starting today, taxes apply to “Top Up” Electronic Money, Loans to Crypto Transactions All – Starting today, Sunday, May 1, 2022, the government will collect taxes for several digital transactions including services financial technology (fintech) such as, digital wallet or e-wallet to online loans (pinjol), as well as crypto transactions.

As is known, the government’s goal of imposing taxes is to increase state revenue, which will later be used for state spending.

The government also argued that the VAT rate increase was aimed at providing a fair and strong tax. In addition, the government also focuses on restoring the state budget deficit.

Read also: Crypto Transactions Will Be Subjected to Tax, Indodax CEO: Don’t Let Investments Become Slow

Then, with the new rules, how much is the tax levy for loans, e-wallet and crypto? Check out the following explanation;

1. Crypto Asset Tax

Crypto asset transactions are subject to Value Added Tax (PPN) and Income Tax (PPh) based on Law Number 7 of 2021 concerning Harmonization of Tax Regulations (HPP) with a VAT amount of 0.1 percent.

Read also: Exchange of Crypto Assets Subject to Double Collection of Income Tax and VAT, This is the Reason of the Directorate General of Taxes

Director of Tax Regulation I at the Directorate General of Taxes (DJP) of the Ministry of Finance Hestu Yoga Saksama said crypto asset transactions were collected because the commodity was not a means of payment. Hestu ensured that the government would regulate it as simply as possible and provide legal certainty to those who withhold, collect, and report final VAT

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“Crypto is subject to VAT because it is a commodity. But (the tax) is very small, that’s what we call a certain amount, (only) zero point so much from the transaction,” said Hestu at a press conference in Jakarta. JakartaFriday (1/4/2022).

Read also: Indonesian Crypto Tax Rules Publish, These are Various Crypto Asset VAT Rates

2. Fintech Tax

The rules for the fintech tax are stated in the Minister of Finance Regulation (PMK) Number 69/PMK.03/2022 concerning Income Tax and Value Added Tax on the Implementation of Financial Technology which is set at the end of March 2022.

In the PMK, the tax for borrowing will be subject to Article 23 Income Tax at a rate of 15 percent of the gross amount of interest. Meanwhile, lenders are subject to Article 26 Income Tax at a rate of 20 percent of the total gross interest.

Read also: How to Calculate VAT on Electronic Money Services

This also applies to payment service providers, providers of investment transaction settlement, and crowdfunding.

The provision of payment services as intended includes, electronic moneyelectronic wallets, payment gateways, switching services, clearing, final settlement, to fund transfers.

Read also: New Fintech Service Tax Rules: From Loans, Electronic Money, Online Insurance, Paylater, to Blockchain

VAT Exception

Previously, Finance Minister Sri Mulyani Indrawati emphasized that not all goods or services were affected by tariffs VAT 11 percent starting April 1, 2022.

He said the government still excludes some goods or services needed by citizens from the imposition of VAT.

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Certain goods or services are only subject to a VAT rate of 1 percent, 2 percent, or 3 percent.

In the HPP Law, a tariff of 1 percent to 3 percent is given to certain types of goods or services or certain business sectors through the application of the final VAT rate from business circulation.

Read also: Sri Mulyani: Not all goods are subject to 11 percent VAT, some are only 1-3 percent

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