Halo INDODAX Members,
The interpretation of tax regulations might cause multiple interpretations; however, the interpretation provided here has been reviewed and clarified with the Tax Authority. If there are any changes to the regulations in the future, INDODAX will continue to give an update to Members and provide refunds for any tax differences that occur since the implementation on January 1, 2025.
In alignment with the implementation of the latest policy regarding Value-Added Tax (VAT), INDODAX will adjust the applicable VAT rates, effective from January 1, 2025. This adjustment is made in compliance with the Minister of Finance Regulation (PMK) No. 131 of 2024 and PMK No. 81 of 2024, which regulate VAT rates for cryptocurrency transactions and certain other goods.
The VAT rate for cryptocurrency asset purchases made through registered Crypto Asset Physical Traders (PFAK), including INDODAX, is now set at 0.12% (1% x 12%) of the transaction value. Meanwhile, other transactions, such as deposit fees, fees withdrawal of Rupiah, and trading fees, will be subject to an effective VAT rate of 11%, in compliance of PMK No. 131 of 2024, Article 3.
PMK No. 131 of 2024 states that for certain non-luxury goods, the tax base is calculated as 11/12 of the transaction value. However, cryptocurrency buy and sell transactions are specifically regulated in PMK No. 81 of 2024, so the effective rate for cryptocurrency purchases will continue to follow the provisions in that regulation. This rate is designed as a special tax treatment for cryptocurrency, given its distinct nature compared to goods or services in general.
Therefore, attached is the implementation of the 12% VAT on the transaction fee structure at INDODAX, which will result in adjustments to the total transaction cost (all-in-fee) at INDODAX, consisting of (trading fee + tax + CFX fee).
Here are the details of the 12% VAT implementation on the IDR and USDT markets:
Here are the details of the Rupiah deposit fees at INDODAX:
For the convenience of INDODAX Members, we recommended to cancel any orders placed before January 1 2025 at 00:00 WIB (UTC +7), and create a new order on January 2 2025 after 17:30 WIB (UTC +7) to ensure that the tax adjustments in the system are in line with the new government policy.
Notes : INDODAX will apply the 12% VAT by government regulations. If there are any discrepancies in the VAT application after this adjustment, INDODAX will implement a refund mechanism for the members.
For further questions and information, please contact INDODAX Customer Support via email at [email protected] or by phone at (021) 50658888.
Regards,
INDODAX – Indonesia Bitcoin & Crypto Exchange
