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Tax Amnesty Program Unable To Invigorate the Property Market

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12 July 2017 08:06 WIB

TEMPO.CO, Jakarta - Property consultant from Colliers International said that the tax amnesty program which ended on March 31, has yet to positively affect the property market.

“Not many amnestied funds went into apartment purchasing for example,” said Senior Associate Director Research Colliers International Indonesia, Ferry Salanto, yesterday.

Read: Tax Revenue Improved after Tax Amnesty Program

Ferry argues that effects of the tax amnesty program are not too significant, one of the reason is that the repatriated funds are currently still kept in banks which has yet to transform into the form of property investments.

He also said that investments offered by financial institutions seem to be more attractive compared to the property market. He gave an example of government bonds that promises a 6.8 percent annual return compared to investing in apartments that has a 4 to 5 percent annual return.

Tax retributions and repatriated funds at the end of the tax amnesty program also missed its target. The government only received 14.6 percent from the total repatriation goal of Rp 1,000 trillion. Meanwhile tax retributions managed to obtain 67.8 percent from its
original target of Rp 165 trillion.

Read: Rp4,704tn in Assets Reported in Tax Amnesty Program

Center for Indonesia Taxation Analysis Executive Director, Yustinus Prastowo, said that there are two reasons why the government’s target wasn’t able to be reached in the tax amnesty program. It was caused by the lack of investment products that was offered and the government’s inability to guarantee the security and provide real benefits for people repatriating their assets.

Fery F. | Andi Ibnu

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