Indonesia’s total cryptocurrency tax revenue drops to $31.7 million in 2023

Indonesia’s Ministry of Finance stated that Indonesia’s total cryptocurrency tax revenue in 2023 will be only $31.7 million. The country’s tax revenue is down 62% in 2023 compared to the partial collection period in 2022, when the crypto tax regime comes into effect in May 2022. In Indonesia, cryptocurrency transactions are subject to double taxation: 0.1% income tax and 0.11% value-added tax (VAT). In addition, local cryptocurrency exchanges are required to pay a tax of approximately 0.04% to the national cryptocurrency exchange. (CoinDesk)