Indonesia and Australia Forge Collaboration Agreement on Crypto Information Exchange

Sunday, 24 March 2024

Indonesia and Australia Forge Collaboration Agreement on Crypto Information Exchange

JAKARTA. To optimize the potential tax revenue arising from cryptocurrency transactions, the governments of Indonesia and Australia through the tax authorities of both countries, namely the Directorate General of Taxes and the Australian Taxation Office (ATO), signed an information exchange cooperation agreement.

The signing was carried out by DGT Director of International Taxation Mekar Satria Utama and ATO Assistant Commissioner Belinda Darling, on Monday (22/4) at the Australian Embassy in Jakarta. 

Meanwhile, according to Mekar, the partnership between DGT and ATO has been established for almost two decades. The collaboration carried out this time is an effort by both countries to keep pace with rapid global changes in Information Technology, one of which is the use of cryptocurrency as a digital currency.

With the exchange of crypto asset information, it is hoped that both authorities can get better information about crypto assets, and ultimately, tax compliance in both countries can increase.

For information, Indonesia has indeed levied taxes on crypto transactions since May 1, 2022. The policy is contained in the Minister of Finance Regulation (PMK) No.68/PMK.03/2022 concerning Value Added Tax (VAT) and Income Tax on Crypto Asset Trading Transactions, an implementing regulation of the Harmonization of Tax Regulations (HPP) Law.

Read: Indonesia Officially Imposes Tax on Crypto Asset Per 1 May 2022

As for now, the amount of crypto tax collected by the DGT has reached IDR 580.2 billion, consisting of IDR 273.69 billion of Income Tax Article 22 revenue on crypto sales transactions on exchanges and IDR 306.52 billion of Domestic VAT revenue on crypto purchase transactions on exchanges.

Previously, the G20 countries also revealed plans to conduct crypto asset information between countries. In fact, the Organization for Economic Co-operation and Development (OECD) through the Global Forum, is drafting a Crypto-Asset Reporting Framework (CARF).

In addition, the cooperation between the DGT and ATO also includes collaboration in the modernization and digitalization of taxpayer services through the provision of virtual tax assistants and the application of value-added tax on digital goods and services. 

Both authorities also agreed to enhance their focus on strengthening the tax system. It is hoped that a fair tax system will be realized, contributing to economic growth, increased investment, and consequently, fostering development in both countries. (ASP/KEN)


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