Around Rp 1,300 trillion of Indonesian citizens' assets abroad have not been reported

TAX - JAKARTA. The Directorate General of Tax of Ministry of Finance noted that around Rp 1,300 trillion of Indonesian citizens' assets abroad have not been reported in the tax report.

This figure appears as a result of financial information exchange for taxation purposes or Automatic Information Exchange (AEoI) in 2018. Until March 11, 2019, the Director General of Taxes has sent financial information to 54 countries and has received the same data from 66 countries. It turned out that the value of Indonesian citizens' assets abroad reached more than Rp 1,300 trillion.

DDTC tax observer Bawono Kristiaji said the findings of the AEoI results certainly need to be followed up. The Directorate General of Taxes can use such unreported asset data as comparative data on data reported through SPT.

Ajib Hamdani, Chair of the Indonesian Young Entrepreneurs Center (Hipmi) said, taxpayers must have awareness about tax reporting correctly. Meanwhile, tax officers must also make effective tax compliance measurement instruments together with law enforcement against non-compliant taxpayers so that they can provide justice for other taxpayers who comply. "Law enforcement, for example by conducting an inspection process," Ajib said to Kontan.co.id, Thursday (3/14).