Only Six Months, Here Are Two Low-Cost Voluntary Disclosure Program Schemes Carried Out By Sri Mulyani

Illustration (Photo: Doc. Antara)

JAKARTA - The government through the Ministry of Finance has officially started the socialization of the Law on the Harmonization of Tax Regulations (HPP) in Bali today. One of the topics discussed is the Voluntary Disclosure Program (PPS).

Minister of Finance, Sri Mulyani, said that the PPS will only last for six months, from January 1 to June 30, 2022.

In his explanation, the Minister of Finance revealed that there were two PPS policy schemes. First, the disclosure of assets before the closing of 2015. Here, taxpayers who disclose their assets voluntarily will be subject to an 11 percent rate for assets abroad that are not repatriated.

Then, 8 percent for repatriated overseas assets and domestic registered assets, and 6 percent for repatriated overseas assets and domestic assets that are disclosed for later investment in SBN (Government Securities) or downstream renewable energy programs.

The second is for assets from 2016 to 2020 but have not been reported in the SPT (Annual Notification Letter) until last year.

"The rate is 18 percent for foreign assets that are not repatriated, 14 percent for repatriated and domestic assets, and 12 percent for repatriated assets from abroad and domestic assets invested in government securities and energy downstream programs", she said through the virtual channel on Friday, November 19.

On the occasion, the Minister of Finance also said that taxpayers could be subject to a 200 percent penalty if they did not participate in this program.

Furthermore, the state treasurer also ensures that the data of taxpayers participating in the PPS will not be used as part of the legal prosecution process.

"Data or information originating from a letter of disclosure of assets cannot be used as a basis for investigation and criminal prosecution of taxpayers", she asserted.