The Ministry of Finance recorded that the tax amnesty program had, until Wednesday, earned the country Rp6.35 trillion in redemption money, or 3.6 percent of the Rp165 trillion target set for July 2016 to March 31, 2017. Based on data accessed on the website of the Directorate General of Taxes, Ministry of Finance, on Wednesday evening, the redemption money included Rp5.93 trillion garnered from non-small and medium enterprises (SMEs) related individual taxpayers, Rp612 billion from non-SME corporate taxpayers, Rp334 billion from SME individual taxpayers and Rp12.5 billion from SME corporate taxpayers.
Most of the participation in the tax amnesty program came from asset declaration at home, amounting to Rp209 trillion, followed by asset declaration overseas, valued at Rp58.7 trillion, besides the repatriation of taxpayer's assets from overseas to Indonesia, accounting for Rp14.7 trillion.
In the meantime, the Letters of Assets Declaration (SPH) which have been registered in the tax amnesty program have reached Rp37,936 with a total asset value of nearly Rp283 trillion.
The trend was in keeping with the prediction made by economists and the government that the participation of taxpayers was likely to increase in September, just as the deadline for the first tax amnesty period approaches.
Meanwhile, Indonesia's central bank, Bank Indonesia (BI) has predicted that the government will only be able to earn Rp21 trillion in redemption money from its tax amnesty program which will last until March 31, 2017.
BI Governor Agus Martowardojo said at a hearing with Commission XI on financial affairs of the House Representatives (DPR) that based on BI's forecast, the government will only collect Rp18 trillion in 2016 and an additional Rp3 trillion in 2017.
The number is far from the target set under the Law on Tax Amnesty, which anticipated earnings of Rp165 trillion until March 31, 2017.
In addition, Agus said the estimated funds' repatriation would only be Rp180 trillion, far below the target set at Rp1,000 trillion.
"That's our baseline model, and that's a conservative figure based on what's been achieved until now," Agus said after a working meeting at the House on Thursday morning.
He further said the central bank had made the forecast, based on its assumptions after seeing the funds already repatriated, which have only reached Rp14.8 trillion, with redemption funds pegged at Rp5.7 trillion in the first week of September. (Source: Antara)
Most of the participation in the tax amnesty program came from asset declaration at home, amounting to Rp209 trillion, followed by asset declaration overseas, valued at Rp58.7 trillion, besides the repatriation of taxpayer's assets from overseas to Indonesia, accounting for Rp14.7 trillion.
In the meantime, the Letters of Assets Declaration (SPH) which have been registered in the tax amnesty program have reached Rp37,936 with a total asset value of nearly Rp283 trillion.
The trend was in keeping with the prediction made by economists and the government that the participation of taxpayers was likely to increase in September, just as the deadline for the first tax amnesty period approaches.
Meanwhile, Indonesia's central bank, Bank Indonesia (BI) has predicted that the government will only be able to earn Rp21 trillion in redemption money from its tax amnesty program which will last until March 31, 2017.
BI Governor Agus Martowardojo said at a hearing with Commission XI on financial affairs of the House Representatives (DPR) that based on BI's forecast, the government will only collect Rp18 trillion in 2016 and an additional Rp3 trillion in 2017.
The number is far from the target set under the Law on Tax Amnesty, which anticipated earnings of Rp165 trillion until March 31, 2017.
In addition, Agus said the estimated funds' repatriation would only be Rp180 trillion, far below the target set at Rp1,000 trillion.
"That's our baseline model, and that's a conservative figure based on what's been achieved until now," Agus said after a working meeting at the House on Thursday morning.
He further said the central bank had made the forecast, based on its assumptions after seeing the funds already repatriated, which have only reached Rp14.8 trillion, with redemption funds pegged at Rp5.7 trillion in the first week of September. (Source: Antara)
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