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Indonesia Introduces New VAT and Income Tax Requirements for Crypto Asset and Fintech Operations

03 May 2022

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Approved Changes

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Indonesia

Indonesia's Ministry of Finance has issued Regulation No. 68/PMK.03/2022 and Regulation No. 69/PMK.03/2022, which provide new VAT and income tax rules for crypto assets and financial technology (fintech) operations, respectively. Crypto Assets Regulation No. 68/PMK.03/2022 provides that with effect from 1 May 2022, supplies of the following goods and services are subject to VAT: Intangible taxable goods in the form of crypto assets, by crypto asset sellers; Taxable services in the form of services for providing electronic facilities used for crypto asset trading transactions, by e-commerce trading operators; and Taxable services in the form of crypto asset transaction verification services...