VDP Officially Closed, Net Assets Revealed Amounted to IDR 594.82 trillion

Friday, 01 July 2022

VDP Officially Closed, Net Assets Revealed Amounted to IDR 594.82 trillion

JAKARTA. The Voluntary Disclosure Program (VDP) officially ended on 30 June 2022, with the total disclosed net assets reaching IDR 594.82 trillion from 247,918 taxpayers.

The program, which has been running since 1 January 2022, consists of two policies. The first policy is intended for corporate and individual taxpayers participating in the 2015-2016 tax amnesty program who disclose their assets before 31 December 2015.

While the second policy is intended only for personal taxpayers who disclose their net assets acquired in 2016-2020 and have not participated in the tax amnesty.

In detail, the amount of net assets disclosed in the VDP mostly comes from individual taxpayers participating in the tax amnesty, which is IDR 380.52 trillion or around 64% of the total assets disclosed.

Meanwhile, the value of assets disclosed by corporate taxpayers participating in the tax amnesty or the first policy is only IDR 19.09 trillion, equivalent to 3.2% of the total assets.

Meanwhile, the net assets of individual taxpayers who are not tax amnesty participants or VDP policy II participants reached IDR 195.21 trillion, equivalent to 33% of the total disclosed assets.

From the total amount of assets disclosed in the VDP, the government managed to collect an Income Tax of IDR 61.01 trillion, consisting of IDR 32.91 trillion by corporate taxpayers and individual taxpayers who participated in the first policy and amounted to IDR 28.1 trillion from policy II.

In general, the following is the realization of VDP which lasts for six months:

Description Policy I Policy II TOTAL
corporate Individual Total
Approval  4.067 78.389 82.456 225.063 308.059
Income Tax IDR 1,53 trillion  IDR 31,38 trilion IDR 32,91 trilion IDR 28,10 triliun IDR 61,01 trilion
Net Assets IDR 19,09 trilion IDR 380,52 trilion IDR 399,61 trilion IDR 195,21 trilion IDR 594,82 trilion
Domestic Declaration & Repatriation IDR 17,17 trilion IDR 327,43 trilion IDR 344,60 trilion IDR 167,97 trilion IDR 512,57 trilion
Domestic Investment & Repatriation IDR 1,15 trilion IDR  15,11 trilion IDR 16,26 trilion IDR 6,10 trilion IDR 22,36 trilion
Foreign Declaration IDR 0,77 trilion IDR 37,98 trilion IDR 38,75 trilion IDR 21,16 trilion IDR 59,91 trilion

The Final Amnesty

Minister of Finance Sri Mulyani admitted that she was unsatisfied with this accomplishment. Because the government wants to boost tax compliance, the tax base, and ultimately Indonesia's tax ratio through the VDP. "Currently, Indonesia's tax ratio is still low, below our neighboring countries," said Sri Mulyani, in her presentation at the VDP realization event, Friday (1/7).

On that occasion, Sri Mulyani also emphasized that VDP is the last amnesty program given by the government to taxpayers who commit tax violations.

After the VDP, the government will focus on law enforcement through various policies such as the exchange of data and financial information between jurisdictions or the Automatic Exchange of Information (AEoI). Additionally, the government now has access to information from a variety of domestic institutions, including banks.


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