Jakarta (Antara Bali) - The government is expected to receive
Rp1.18 trillion in tax amnesty redemption money until the end of August
2016, Finance Minister Sri Mulyani said.
The minister said here on Thursday that the amount of redemption
money and Asset Declaration Letters (SPH) continue to increase every
day, although their number is still nominal.
The government had launched the tax amnesty program in mid-July in
the hope of collecting Rp165 trillion under the program, which will last
for nine months until March 2017.
"We predict that redemption will increase significantly in
September because the rate (of redemption during the first three-month
period) is the lowest, both for individual and corporate taxpayers," Sri
told a hearing by Commission XI on Financial Affairs at the House of
Representatives (DPR) in Jakarta on Thursday.
Based on data from the Taxation Directorate General, the average
amount of redemption money collected daily increased from Rp8.5 billion
during 10 work days in July to Rp18.8 trillion in the first week of
August, Rp60 billion in the second week, Rp95.5 billion in the third
week and Rp108 billion in the fourth week (three work days).
The average number of SPHs received daily during 10 working days of
July was recorded at 34 asset declaration documents, 190 in the first
week of August, 469 in the second week, 814 in the third week and 1,331
in the fourth week (three working days).
A total of 77.02 percent of the taxpayers, who had applied for the
tax amnesty program, are individual taxpayers or 7,698 SPHs, of which
31.24 percent are micro, small and medium businesses (UMKM). Some 22.98
percent or 2,297 SPHs are corporate bodies, of which 7.06 percent are
UMKM.
Sri said she had not set a high target for redemption money and
SPHs from the UMKM in the first three months of the program because the
interest rate for them will not change from the beginning until the end
of March 2017.
The tax amnesty program is divided into three periods of three
months each. Those availing the amnesty program are required to pay
redemption and declaration fees for the assets they have stashed abroad.
The declaration tariff has been set at 2 percent for the July to
September period, 3 percent for the October to December period, and 5
percent for the January to March 2017 period.
Similarly, the redemption tariff has been set at 4 percent for the
July to September period, 6 percent for the October to December period
and 10 percent for the January to March 2017 period.
At least Rp4,000 trillion worth of funds stashed overseas are
expected to be declared and Rp1,000 trillion of these are expected to be
repatriated and invested in the country. The government is optimistic
of earning Rp165 trillion from the tax amnesty program in the form of
asset redemptions and declarations.(WDY)
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