Tax DG Predicts Indonesian Hidden Assets Abroad up to Rp1,300tn

TEMPO.CO, Jakarta - The Finance Ministry’s Directorate General of Tax predicted there were hidden assets owned by Indonesian citizen abroad amounted to Rp1,300 trillion that had not been reported yet.

Tax DG’s head of International Tax Information Exchange sub-directorate, Leli Listianawati, said that the prediction figure would be higher in line with the global treaty on the Automatic Exchange of Information (AEOI) which was regulated on Law No. 9 of 2017.

“The data we have obtained may raise because of the increase in the exchange of financial information from each country every year,” said Leli Thursday, March 14, during a national seminar on tax issue at Tax DG central office, South Jakarta.

Read: 6 Million Tax Returns Reported to Indonesia's Tax Office

Tax DG had implemented the AEoI policy since September 2018. As many as 88 out of 102 countries joined in the global treaty willing to exchange information with Indonesia and other 73 countries would be synergized through reciprocal cooperation.

Leli further explained that Indonesia would receive financial data of its citizens abroad from 94 countries and would send data to 81 countries this year. Hence, the total hidden assets would potentially increase following the exchange of information. At that time, the country only obtained data from 66 countries.

She reiterated that the finding result was not much different from the time the government drafted a regulation in lieu of law (Perppu) No. 1 of 2017 concerning the access of financial information for taxation. At that time, Tax DG found taxable assets hid by Indonesian citizens overseas that had not been reported yet through either tax return form (SPT) or tax amnesty policy.

DIAS PRASONGKO