The Minister of Finance stipulates provisions for income tax (PPh) and value added tax (PPN) for the implementation of digital innovation in the financial services sector, aka financial technology (fintech).
The regulation was set by Sri Mulyani on March 30, 2022 and promulgated on the same day.
Reported from HappyPinjol and e-wallet are included in fintech services that will be affected by 11 percent VAT.
Later, the fintech that will be subject to 11 percent VAT is a service or administrative fee, so it will not be imposed on investors, consumers, or savers.
The Kosubdit for VAT Regulations for Trade, Services and PTLL, Directorate General of Taxes (DJP) of the Ministry of Finance, Bonarsius Sipayung, explained the 11 percent VAT mechanism for the imposition of fintech.
“For example, father and mother do top up. Well in service top up There is a fee, for example, Rp. 1,500, so the 11% VAT is imposed on the transaction of Rp. 1,500. Not the value in top up,” he said in a virtual press conference, Wednesday (6/4/2022)
It is the services or administrative costs of the parties conducting transactions in the fintech market that will be subject to 11 percent VAT, not the money saved by the consumers or savers.
“So it’s not true if for example I top up IDR 1,000,000 keeps disappearing everything. Binomo dong his name. This is a fee and has nothing to do with the money saved,” he explained.