In accordance with Article 15 paragraph (1) Ministry of Finance Regulation Number 196/PMK.03/2021, taxpayers who declare to repatriate their net assets must transfer the assets to Indonesia no later than September 30, 2022. An example of a repatriation mechanism is by selling taxpayer assets located abroad then sending the money obtained from the sale of such assets to Indonesia through a bank.
Total of 2422 taxpayers chose to repatriate in the Voluntary Disclosure Program (VDP) which took place from January 1, 2022 to June 30, 2022. This information was conveyed in the 2022 DGT Media Briefing on Tuesday (10/4/2022). However, the exact number of taxpayers who have repatriated cannot be ascertained yet in the Media Briefing. This is because Directorate General of Taxes (DGT) want to ensure the validity of taxpayers repatriation data whose sources are obtained from taxpayers and banks.
In this regard, DGT has sent email blast to taxpayers containing confirmation and urging taxpayers to submit their repatriation requests as soon as possible. DGT will monitor the data and information gathered. If taxpayers do not repatriate their assets, AR will calculate the Final Income Tax that must be paid by taxpayers.
Furthermore, DGT also mentioned the realization of investments made in VDP. Unlike repatriation, investment must be made no later than September 30, 2023. VDP investment options include natural resources downstream and/or renewable energy investment, as well as Government Securities.
VDP Investments were made in three types of Government Securities until October 4, 2022: SUN FR0094 (Rp2,608.69 billion), USDFR0003 (Rp36,083,000.00), and SBSN PBS035 (Rp933.63 billion). As of June 30, 2022, the total investment in VDP recorded on the DGT's official website is IDR 22.35 trillion. Thus, approximately 18% of taxpayers' assets that choose to invest in VDP have been invested.
vdp , voluntary-disclosure-program
