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 said that the program will be carried out online through the official website of the Directorate General of Taxes.
“Disclosure is carried out by means of a Notice of Asset Disclosure (SPPH) which is submitted electronically via the https://pajak.go.id/pps page,” said Noor in his statement on Monday 27th December 2021.
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 or 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.
“[Programme] 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.
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.