DGT: Bicycle Must Be Declared in Tax Return!

JAKARTA.The growing use of bicycles during the pandemic has led the Directorate General of Taxes (DGT) to remind taxpayers to list bicycles as additional assets in the Annual Income Tax Return (SPT).

The appeal was conveyed through a tweet of the tax authority's official Twitter account @DitjenPajakRI on Monday (22/2). "#KawanPajak, if you have a bicycle, whether for transportation, sports, or hobbies, please include it in the list of assets in the Annual Tax Return with the treasure code 041," the appeal reads.

In its tweet, the DGT also uploaded a snippet of a new additional asset form in the e-filing, or the tax authority's tax return reporting system.

Related to the appeal, DGT explained that bicycles are one type of asset that must be reported according to the applicable regulations.

In the provisions, apart from being obliged to report the amount of income tax paid by taxpayers, in the tax return,  taxpayers must also convey assets in the form of cash or cash equivalents, receivables, investments, means of transportation, other movable assets, and immovable assets.

Read: When Tax Issue Triggers Controversy over Bicycle Regulation Discourse

As it is known, the Annual Income Tax Return is a document used by taxpayers to report the calculation or payment of income tax, tax objects, assets, and liabilities each tax year.

Annual Income Tax Return is submitted annually by both corporate and individual taxpayers. For Corporate Taxpayers, the tax return shall be submitted not more than 30 April after the tax year.

Meanwhile, for Individual Taxpayers, the tax return must be submitted no later than every 31 March after the tax year.