The long-awaited regulation regarding the imposition of Income Tax (“Income Tax”) and Value Added Tax (“VAT”) for fintech services has finally been issued by the Minister of Finance of the Republic of Indonesia (“MoF”) as the implementing regulation of Law No. 7 of 2021 regarding Harmonization of Tax Regulations (“Law 7/2021”) that was issued last year. Effective as from 1 May 2022, Income Tax and VAT are applied to fintech as reflected by Minister of Finance Regulation No. 69/PMK.03/2022 regarding Income Tax and VAT on the Operation of Financial Technology (“MoF Reg 69/2022”).
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