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Ismi Fathia Rachmi
Students of the Doctoral Program in Accounting, Faculty of Economics and Business, Gadjah Mada University
Economics, Econometrics & Finance

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DESIGNING VALUE ADDED TAX POLICY ON PEER-TO-PEER LENDING IN INDONESIA Nafis Dwi Kartiko; Ismi Fathia Rachmi
Journal of Applied Finance & Accounting Vol. 8 No. 1 (2021): Publish on June 2021
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v8i1.7387

Abstract

Fintech is one of the newest business models in finance that take advantage of technological advances. One form of fintech in Indonesia is peer-to-peer lending. Based on the 1984 VAT Law, one service not subject to value-added tax is financial services. The reason globally for this is the difficulty in determining the tax base. However, according to the authors, these reasons cannot be accepted by considering the peer-to-peer lending business model. The authors provide reasons based on classical theory and existing empirical facts. This research outlines the urgency of establishing laws at the level of laws on fintech and the imposition of value-added taxes on peer-to-peer lending in Indonesia. In conclusion, the authors suggest that the government needs to (1) encourage the formation of laws and regulations at the level of the law on fintech to include criminal provisions such as laws in other financial institutions; (2) imposing a value-added tax on peer-to-peer lending, and (3) We encourage tax authorities to issue implementing regulations related to the imposition of value-added tax on peer-to-peer lending in Indonesia.
Co-Authors Nafis Dwi Kartiko