Thursday, April 7, 2016

House plans to pass tax amnesty bill in Q3

Jakarta - A legislator has said that deliberations on the tax amnesty bill at the House of Representatives will be completed in the third quarter of 2016. The House will begin its discussions on the bill on Wednesday.

“The deliberation process usually takes up two sitting sessions. We hope the tax amnesty bill will be passed in the third quarter of 2016 at the latest,” said Airlangga Hartarto, a member of House Commission XI overseeing banking and finance, in Jakarta on Tuesday.

In the tax amnesty bill, the government offers tax discounts to individuals and companies who declare their untaxed wealth.

Separately, the government plans to revise the state budget to a more realistic figure, including its tax revenue target.

For the 2016 state budget, the total tax revenue target is currently set at Rp 1,36 quadrillion (US$ 102,64 billion), or 28,2% higher than the Rp 1,06 quadrillion achieved in 2015.

Yustinus Prastowo, executive director of the Center for Indonesia Taxation Analysis, estimated that between Rp 130 trillion and Rp 150 trillion would enter the financial system after the amnesty was implemented.

Source: The Jakarta Post

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