Digital Wallet, Fintech Services Subject to 11% VAT as of May 1
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8 April 2022 16:13 WIB
TEMPO.CO, Jakarta - The government is set to collect value-added tax or VAT on the services of financial technology or fintech starting May 1, 2022, as noted in the latest Finance Ministerial Regulation No. 69/PMK.03/2022 on income tax or PPh and VAT for fintech inked by Finance Minister Sri Mulyani on March 30, 2022.
The Head of the Sub-Directorate of VAT, Trade, Services, and Other Indirect Taxes of the Tax Directorate General at the Finance Ministry, Bonarsius Sipayung, confirmed that the imposition of taxes on fintech services is not something new. Previously, the service is already subject to tax.
Bonar explained that the new policy imposes a tax on services from parties facilitating the transactions, as opposed to the value belonging to the transaction actors.
“For example, there is a service fee for depositing money into a digital wallet. The VAT is charged 11% on the top-up service fee,” he said on Tuesday, April 6.
In addition to fintech, Sri Mulyani regulated the imposition of an 11% VAT rate on online loans or P2P lending (peer-to-peer lending) and a number of other fintech services, such as payment services, crowdfunding, investment management, online insurance, and digital financial support services.
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