Indonesia and Australia Cooperate on Cryptocurrency Information Exchange

TEMPO.CO, Jakarta - Indonesia's Directorate General of Taxes (DGT) and the Australian Taxation Office (ATO) signed a Memorandum of Understanding for cryptocurrency information exchange on April 22, 2024, at the Australian Embassy office in Jakarta. The agreement is designed to improve the detection of assets with tax liabilities in both countries.

This cooperation allows tax authorities in both countries to better share data and information related to crypto assets and exchange knowledge to ensure compliance with tax obligations. Mekar Satria Utama, Director of International Taxation at DGT, said the MoU reflects the need for tax authorities to be innovative and collaborative to keep pace with the rapid global changes in financial technology.

"While cryptocurrencies are relatively new, the need to ensure fair taxation remains critical to drive economic growth and provide revenue for important public investments in infrastructure, education, and healthcare," said Utama.

Meanwhile, ATO Assistant Commissioner Belinda Darling emphasized that the agreement builds on the solid relationship between the DGT and ATO that has existed for nearly two decades. Both institutions are currently focusing on strengthening tax systems in both countries and enhancing Indonesia-Australia collaboration in facing complex global challenges.

The ATO and DGT have collaborated on various DGT priorities, including modernizing and digitizing taxpayer services through the provision of virtual tax assistants and implementing a value-added tax on digital goods and services. This latest agreement underlines the shared commitment between Indonesia and Australia to adapt and innovate in the face of an evolving financial landscape, ensuring a fair and sustainable taxation framework in the digital age.

SUCI SEKARWATI

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