Around 33,000 Indonesian Billionaires Have Participated in the Second Tax Amnesty Program

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Cindy Mutia Annur 26/05/2022 09:30 WIB

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Between January and May 20, 2022, the second phase of the Indonesian tax amnesty program had been participated in by 46,670 individuals. Approximately 33,000 of them were billionaires.

Distribution of Tax Amnesty Participants, Phase II, by Asset Size (May 20, 2022)*

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Around 33,000 Indonesian Billionaires Have Participated in the Second Tax Amnesty Program

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Distribution of Tax Amnesty Participants, Phase II, by Asset Size (May 20, 2022)*

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The Voluntary Disclosure Program (VDP), or the second phase of the Tax Amnesty, which opened on January 1, 2022, will close on June 30, 2022.

According to a report from the Ministry of Finance, as of May 20, 2022, approximately 46,670 individuals had participated in the program.

The majority of participants are millionaires. 19,003 participants have assets ranging from Rp1 billion to Rp10 billion.

Furthermore, 14,742 participants have assets ranging from Rp10 billion to Rp100 billion.

In total, more than 33,000 Indonesian millionaires have participated in this program.

The VDP also includes participants from other asset brackets, as shown in the graph.

The VDP, or Tax Amnesty, is a program aimed at increasing voluntary taxpayer compliance through the disclosure of previously unreported assets.

According to information on the Ministry of Finance's official website, participants in this program will receive several benefits, namely:

* Elimination of taxes that should have been paid;
* Taxpayers will not be subject to administrative or criminal tax penalties;
* No tax audits, preliminary evidence examinations, or investigations will be conducted;
* Ongoing tax audits, preliminary evidence examinations, and investigations will be halted;
* Confidentiality of tax amnesty data is guaranteed and cannot be used as a basis for investigation and prosecution of criminal offenses;
* Exemption from income tax (PPh) for the transfer of ownership of additional assets.

In terms of profession, 45% of the total taxpayers participating in the VDP or the second phase of the Tax Amnesty are employees, followed by retailers and wholesalers at 34.1%.

Income tax (PPh) collected by the government through this program reached Rp9.25 trillion by May 20, 2022, with a total disclosed net asset value of Rp91.60 trillion.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Around 33,000 Indonesian Billionaires Have Participated in the Second Tax Amnesty Program

Around 33,000 Indonesian Billionaires Have Participated in the Second Tax Amnesty Program

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Around 33,000 Indonesian Billionaires Have Participated in the Second Tax Amnesty Program

Around 33,000 Indonesian Billionaires Have Participated in the Second Tax Amnesty Program

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