Jakarta, May 31 (Antara) - The government has expressed hope that the House of Representatives (DPR) would have wrapped up deliberations on the tax amnesty bill at the end of May or early in July, 2016.
"We hope that the DPR would have reached an agreement on the draft law of the tax amnesty at the end of this month or early in July before the recess of the House ended," Vice President Jusuf Kalla said on Thursday last week.
Deliberations on the tax amnesty bill are still undergoing at the Parliament and are focusing on technical matters such as the use of revenues obtained from the repatriation of the overseas assets.
The implementation of a tax amnesty law is expected to encourage disobedient tax-payers --who have so far stashed assets abroad-- to repatriate their funds into the country. The government hope to receive funds from redemption and declaration of the repatriated assets.
"Basically, the DPR in general will not object to it. There will be improvement in the draft law, so let us wait for it. Most of the deliberations in the Parliament focused on the tariff details, mechanism of its implementation and how to accommodate the funds if the money is coming in," the vice president explained.
Finance Minister Bambang Brodjonegoro said his side was preparing investment management plans to accommodate the repatriated funds. "We are preparing it," noted Bambang.
He said that repatriated funds would flow into Indonesia through banks. Government banks will be assigned to cooperate with investment management companies.
The Bill on Tax Amnesty is expected to increase tax revenues by Rp180 trillion.
Therefore, Minister Bambang Brodjonegoro said he would select investment management companies and banks which will accommodate the repatriation of funds from the tax amnesty program.
"We will select investment management companies and banks," the minister said after taking part in a fun-walk held as part of campaign to popularize the government's e-Filling and E-Billing program here on Sunday.
Minister Bambang said that up to now the government had not yet changed its redemption rate plan for the repatriated funds.
"We have to wait the result of the deliberations on the matter by the House of Representatives (DPR)," the finance minister said.
The government has set redemption rates for two phases of fund repatriation. The fund repatriation is predicted to last from June to December 2016.
In the first three-month phase, the redemption rate for the repatriation is set at 2 percent and for the declaration of assets overseas at 4 percent.
In the second three-month phase, the redemption tariff is set at 3 percent for repatriation and 6 percent for asset declaration.
The minister said that preparations have been made well in the field. So, the government is now waiting for the endorsement of the tax amnesty bill by the DPR.
"Now we are waiting for the bill. We have repeatedly tested our preparations in the field. The system has been checked," he said.
The minister has said earlier the funds would be repatriated through banks. State-owned banks will be assigned to do the job in cooperation with investment management companies.
"Banks must take part in the program," the minister said.
The government has predicted that tax-payers who will register for the tax amnesty program will declare their assets stashed overseas amounting to about Rp4,000 trillion.
The flow of repatriated funds is expected to reach Rp1,000 trillion, with a redemption money for the state amounting to Rp160 trillion.
The government has no plan to revise its target of revenue it plans to earn from the tax amnesty scheme.
"Admittedly, that target is based on an assumption, and the actual revenue accrued can be higher or lower. Let us see," Vice Prsident Jusuf Kalla stated before attending a limited meeting to evaluate the economic policy packages.
The target may change, depending on the realization of revenues from tax amnesty, he pointed out.
House Speaker Ade Komarudin, who is from the Golkar faction, has said he hoped debate on the bill could be wrapped up before the revised draft of the state budget is passed into law.
"We have discussed with the Vice President, and we agreed on the schedule before the draft revision of the state budget is passed into law," he said earlier.
The Parliament put off debated on the bill when it was submitted sometime earlier by the government saying there were things that need to be consulted with the government.
The lawmakers were split over whether to approve or to reject the bill. The controversy was also sharp in the public.
The Indonesian labor union threatened to stage a massive demonstration against the bill.
However, a tax observer accused many non governmental organizations of being penetrated by foreigners leading a campaign against tax amnesty bill.
"The NGOs should be aware of the importance of the bill for the economy and the welfare of the people," Darussalam from the Tax Center said .
He said tax amnesty policy is in line with the long term program of reform in tax policy and it is important to strengthen self financing in the country's development program.
The bill was proposed following shortfall in tax collection in the first months of the year.
Data at the finance ministry showed that by April 16 , tax revenues totaled only Rp98 trillion or Rp7 trillion lower than in April last year.
Based on the trend, tax revenues are predicted to fall Rp300 trillion short of the yearly target.
Cumulatively, tax revenues in the first four months of the year totaled Rp283 trillion or 20.8 percent of the whole year's target of Rp1,360 trillion.***3***
(A014/H-YH) |
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