Voluntary Disclosure Begins, Supporting Instruments Still Vulnerable
The supporting infrastructure for the Taxpayer's Voluntary Disclosure Program or Tax Amnesty II urgently needs to be strengthened with the aim of securing funds resulting from repatriation of assets in the policy implemented January 1, 2022 – June 30 2022
The supporting infrastructure includes the ease of reporting processes, data and information security, as well as investments to accommodate repatriated funds during the holding period. The fiscal authority also claims to be preparing the supporting instruments to maintain the effectiveness of the Voluntary Disclosure Program (PPS). However, the government has not yet detailed various anticipatory steps to keep the repatriation funds secure. "We will also prepare the infrastructure," said Director General of Taxes at the Ministry of Finance Suryo Utomo. Referring to the Regulation of the Minister of Finance (PMK) No. 196/PMK.03/2021 concerning Procedures for Implementation of the Taxpayer Voluntary Disclosure Program, which is a derivative rule of Law no. 7/2021 concerning the Harmonization of Tax Regulations (HPP), the holding period is set for 5 years. The problem is, there are only two types of investment provided by the government to accommodate the repatriated funds. The first is Government Securities (SBN) which are carried out in the primary market with a private placement mechanism through the main dealer. Second, investment in the downstream of natural resources (SDA) or renewable energy which can be done in the form of establishing a new business or equity participation. Unfortunately, SBN is quite vulnerable to accommodate repatriated funds because the potential for these funds to be re-transferred abroad is quite large after the end of the holding period.
|•SOURCE•| Articles :BISNIS | Image :HUKUM PT |
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