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 …