15 Jul 2016
Don’t Read This Article If You Have Reported Your Bank Account In The Tax Return !!
For the tax payers that have already reported their assets properly since 1985 up to 2015, they do not need to join the Tax Amnesty program.
For those who have not reported them properly, the unreported assets since 1985 up to 2015 could be subject to adjust by tax authority as revenue.
This revenue will be subject to normal tax rate (30% maximum), 10% VAT, 20% Sales Tax on Luxury Goods (if any) plus 2% per month sanction. Unreported assets that ever had during that period such as Land & Buildings, cash in banks, obligation (ORI etc) and other tangible and intangible assets will be subject to review by tax authority after Tax Amnesty done.
The information regarding bank account will be disclosed or opened in most countries among others are Indonesia, Singapore, Malaysia, Hongkong, USA, BVI. So there will be no place to hide your assets in general condition.
That is why it is very recommended to join Tax Amnesty program if you have not reported all of your assets in the 2015 tax return completely.
Tax Amnesty Program can protect your valuable assets !!
Agung Tjahjady SH, CPA, MM, BKP
Registered Tax Consultant, Advocate
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