By the end of September 2023, Government Securities Absorbed 46% of VDP Investment Commitments

JAKARTA. As of 30 September 2023, the total investment realization of the Voluntary Disclosure Program (VDP) participants was recorded at IDR 10.32 trillion. This amount is around 46% of the value of investment commitments in the implementation of the VDP which ended on 30 June 2022 amounting to IDR 2.34 trillion.

Apart from Government Securities (SBN), VDP funds can also be placed in 332 business sectors that have been determined by the government, including the Natural Resources processing sector, renewable energy, and supporting industries.

In detail, the funds invested in SBN consist of IDR currency amounting to IDR 8.64 trillion. Meanwhile, dollar SBN amounted to US$111.64 million, or if converted into IDR at an exchange rate of IDR 15,000, the value was around IDR 1.68 trillion.

However, citing Bisnis.com, this realization only came from the Government Securities instrument, as one of the instruments available to accommodate property investment funds in VDP.

The Directorate General of Taxes (DGT) admitted that investment data stored in other instruments is still waiting for reports from VDP participants who are committed to investing, through self-assessment.

The report must be received by the DGT no later than the end of September 2023. If it is not carried out within that time frame, the DGT will issue a warning letter.

Then, upon the warning, the taxpayer must submit clarification and pay additional final Income Tax for assets that are not repatriated or invested.

In addition, the taxpayer must disclose the net assets treated as income. The method is by submitting the Final Income Tax Periodic Return electronically through the DGT website. (ASP/KEN)