The redemption rose only Rp9.8 trillion from Rp97.2 trillion in the first phase of the program or reaching only 64.8 percent of the target of Rp165 trillion set until the deadline in March 2017.
The program is divided in three phases - first from July to September, second from October to December, 2016 and the third or the last phase from January to March, 2017
The tax penalty on assets declaration in the country was 2 percent of net assets in the first phase, 3 percent in the second phase and 5 percent in the last phase.
The tax penalty on assets abroad declared but not repatriated is 4 percent in the first phase, 6 percent in the second phase and 10 percent in the third phase.
The penalty is the same in the three phases for tax payers categorized as micro, small and medium enterprises (UMKM with tariff of 0.5 percent for assets up to Rp10 billion and 2 percent for assets larger than Rp10 billion .
The taxation directorate general (DJP) said declaration of assets, previously not reported, reached Rp4,292 trillion including Rp1,013 trillion abroad, and Rp141 trillion repatriated.
Repatriation also grew slowly from Rp137 trillion in the first phase.
The number of tax payers taking part in the program totaled 616,372.
After the March, 2017 deadline failure to declare taxable assets would face sanction .
In 2018, Indonesia will adopt the Automatic Exchange of Information (AEOI) under which all banks in the world would be accessible for investigation of taxable assets.
In 2018, there would be no safe place for tax evasion, Finance Minister Sri Mulyani has said. (WDY)