Heaptalk, Jakarta — As of June 30, 2024, the Ministry of Finance, through the Directorate General of Taxes, had collected Rp25.88 trillion, approximately US$1.59 billion (US$1 equals Rp16,220), in revenue from the digital economy sector, as reported by Kontan.
This revenue comes from four sources: value-added tax (VAT) on trade through the electronic system, amounting to Rp20.8 trillion; crypto tax, amounting to Rp798.84 billion; fintech (P2P lending) tax, amounting to Rp2.19 trillion; and tax collected by other parties on transactions for the procurement of goods and/or services through the government procurement information system, amounting to Rp2.09 trillion.
As of June 2024, the government has appointed 172 electronic system trade operators as VAT collectors. Of these, 159 operators have collected and remitted VAT totaling Rp20.8 trillion. “This amount comes from Rp731.4 billion collected in 2020, Rp3.90 trillion in 2021, Rp5.51 trillion in 2022, Rp6.76 trillion in 2023, and Rp3.89 trillion in 2024,” explained Dwi Astuti, Director of Counseling, Services, and Public Relations, as quoted by Kontan.
Sourcing from crypto exchanges
The Rp798.84 billion in crypto tax revenue consists of Rp246.45 billion collected in 2022, Rp220.83 billion in 2023, and Rp331.56 billion in 2024. This revenue comprises Rp376.13 billion from Income Tax (PPh) 22 on crypto sales transactions at exchanges and Rp422.71 billion from Domestic VAT on crypto purchase transactions at exchanges.
The Rp2.19 trillion in fintech (P2P lending) tax revenue includes Rp446.39 billion collected in 2022, Rp1.11 trillion in 2023, and Rp635.81 billion in 2024. This fintech tax comprises PPh 23 on loan interest received by domestic taxpayers and permanent establishments amounting to Rp732.34 billion, Income Tax 26 on loan interest received by foreign taxpayers amounting to Rp270.98 billion, and Domestic VAT on period deposits amounting to Rp1.19 trillion.
Meanwhile, the Rp2.09 trillion in tax revenue from the government procurement information system includes Rp402.38 billion collected in 2022, Rp1.12 trillion in 2023, and Rp572.17 billion in 2024. This tax revenue consists of Income Tax amounting to Rp141.23 billion and VAT amounting to Rp1.95 trillion.
In her closing statement, Dwi added that the government will explore potential tax revenue from other digital economy businesses, such as a crypto tax on crypto asset trading transactions, a fintech tax on loan interest paid by borrowers, and a government procurement information system tax on the procurement of goods and/or services through the system.
