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The Second Round of The Tax Amnesty Program Will Begins in January 2022

The second round of the tax amnesty program will begin in January 2022. This time, the tax amnesty program is referred to as the Taxpayer Voluntary Disclosure Program (PPS).


The second version of the tax amnesty will run from 1st January to 30th June 2022. Director of Extension, Service, and Public Relations Neilmaldrin Noor explained that there are several procedures that must be carried out.

He explained that the Notice of Asset Disclosure attachment must be accompanied by an individual Notice of Asset Disclosure, proof of Final Income Tax payment, a detailed list of net assets, a list of debts, and repatriation (investment statements).

Furthermore, participants need to complete a statement to withdraw the application then a letter of request for revocation of the appeal, lawsuit, and review.

“participants can submit a second, third, and so on Notice of Asset Disclosure to correct the Notice of Asset Disclosure if there is a change in net assets or writing, calculating, or changing rates,” explained Noor.


FOR MORE DETAILED INFORMATION ABOUT PPS, PLEASE CONTACT OUR TEAM

The provisions for repatriation or transfer of assets to Indonesia must be carried out no later than 30th September 2022 through a bank. Furthermore, net assets transferred to Indonesia cannot be transferred outside the territory of Indonesia for a minimum period of five years from the date of issuance of the certificate. This holding period also applies to domestic declared assets.

For investment provisions, the procedure will be carried out by the downstream of Natural Resources (SDA) or investment in State Securities (SBN). Investment in the downstream of natural resources can be done in the form of establishing a new business or equity participation. Meanwhile, States Securities investment is to be carried out in the primary market with a private placement mechanism through a main dealer by showing a certificate.

Anyone who took part in the first round of the tax amnesty policy and wants to participate again has a range of different obligations. For full details of how the rules can affect you, seek advice from a competent tax advisor.

Stay tuned for updates from our official website to get the latest news during the pandemic period in Indonesia. We are always ready to provide you with the latest information or regulations that you might need to know about. Please don’t hesitate to send your question to our email info@indo-ned.com.

Source: https://indonesiaexpat.id/

Disclaimer:

The information provided here is based on our long experience. The process or requirement may vary depending on the specific facts and conditions. Besides, the law and regulations in Indonesia are subject to frequent changes. Please contact us as your consultant to get an up to date information and accurate advice. For more information click here and You can also follow our social media accounts to see the latest information posts. please click on the following links: FacebookInstagramLinkedin, and Twitter.

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