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Berita Hari Ini Tax
It is time to turn our attention to tax, again, as we detected a number of interesting developments in Indonesia (related to tax) over the past couple of months. First of all, something that is quite rare, Indonesia managed to collect more tax revenue in full-year 2021 than it targeted in the 2021 State Budget (APBN 2021).
While Indonesia is still in the middle of the COVID-19 crisis, albeit – most likely – set to exit the economic recession in the second quarter of 2021 due to the so-called low base effect, and while Indonesian consumers continue to display reluctance to spend (reflected by 16 consecutive months of contracting retail trade on an annual basis), the Indonesian government expressed its intention to raise Indonesia’s Value-Added Tax (VAT, or in Indonesian: Pajak Pertambahan Nilai, abbreviated as PPN).
For the past couple of months we have frequently heard President Joko Widodo and other top government officials refer to the upcoming omnibus laws as key tools or solutions to improve the quality and attractiveness of Indonesia’s investment environment.
For the past couple of years we have often heard high government officials in Indonesia say that the country’s corporate income tax (in Indonesian: Pajak Penghasilan Badan, or PPh badan) is planned to be cut in an effort to attract more direct investment.
On Tuesday (05/03) Indonesia Investments released the February 2019 edition of its monthly research report. The report aims to inform the reader of the key political, economic and social developments that occurred in Indonesia in the month of February 2019 and also touches upon key international developments that impacted on the Indonesian economy.
On Friday (8/02) Indonesia Investments released the January 2019 edition of its monthly research report. The report aims to inform the reader of the key political, economic and social developments that occurred in Indonesia in the month of January 2019 and also touches upon key international developments that impacted on the Indonesian economy.
Last week, the Organisation for Economic Co-operation and Development (OECD) released its Corporate Tax Statistics report. Several interesting conclusions were made in the report. Firstly, (corporate) taxes that are paid by legal entities (specifically companies) remain a key source of government revenues, particularly in developing nations. Secondly, over the past two decades there is a clear worldwide trend visible, namely: falling corporate tax rates.
Despite challenging circumstances that trigger capital outflows from emerging markets – mostly related to the ongoing tariff war between the United States and China, monetary tightening in developed nations, US President Donald Trump’s unpredictable style of leadership, and rising crude oil prices in the first three quarters of the year (that cause pressure on net oil importers) – Indonesia ended 2018 in good financial health.
After the much publicized signing by the Indonesian government and US mining giant Freeport McMoRan of the Heads of Agreement regarding the sale of a stake in Freeport Indonesia (the operator of the lucrative Grasberg mine in Papua) on 12 July 2018, we have not heard much about the deal that is valued at USD $3.85 billion.
Tax revenue collection is showing good growth in Indonesia so far in 2018. However, due to the ambitious target set by the central government chances of another tax shortfall remain highly probable at the end of the year. Based on data from Indonesia's Finance Ministry, non-oil & gas tax revenue realization grew 19.1 percent year-on-year (y/y) to IDR 156.8 trillion (approx. USD $11.4 billion) between 1 January and 7 March 2018, from IDR 131.7 trillion in the same period one year earlier.
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Indonesia's Finance Ministry said it will not revise the tax revenue target set in the 2016 State Budget. The Indonesian government targets to collect IDR 1,360.2 trillion (approx. USD $100 billion) worth of tax revenue in 2016, a 28.9 percent rise from tax revenue realization in 2015. However, although it is good to aim high - hence setting an ambitious target - it is also important to be realistic (to avoid budgetary turmoil and gain fiscal credibility, important for Indonesia to be eligible for a credit rating upgrade). How realistic is Indonesia's 2016 tax revenue target?
After having grown rapidly in the years 2010-2013, infrastructure development in Indonesia lost its momentum in 2014. This was due to limited available government funds, uncertainty caused by the legislative and presidential elections, and the nation's slowing economic growth. After Joko Widodo became Indonesia's seventh president in October 2014, it was expected that infrastructure development would revive. However, it didn't. But Widodo made one important move by seriously reducing energy subsidies, hence making more funds available for infrastructure development.
Ada berita baik untuk para pembayar pajak di Indonesia. Pemerintah Indonesia merencanakan untuk menurunkan pajak penghasilan pribadi, yang saat ini berkisar antara 5% sampai 30%, di awal 2016. Menteri Keuangan Indonesia Bambang Brodjonegoro mengatakan pajak penghasilan yang lebih rendah akan mempermudah para pembayar pajak untuk mematuhi hukum pajak, sambil mendongkrak daya beli masyarakat. Kendati begitu, dia menolak untuk menginformasikan jumlah pengurangan pajak penghasilan pribadi karena hal ini masih dalam tahap penelitian.
A tax amnesty bill, which protects corruptors from prosecution and penalties when bringing overseas funds back to Indonesia and fulfill tax obligations, will soon be discussed among Indonesia's government and the House of Representatives (DPR). A tax pardon is expected to result in enhanced tax collection next year. According to the latest data from Indonesia's Finance Ministry's Tax Directorate General, the country only managed to collect IDR 686 trillion (approx. USD $51 billion), or 53 percent of its 2015 tax revenue target, in the period 1 January - 5 October 2015.
In an attempt to boost the sluggish domestic economy by persuading Indonesian consumers to spend more, the central government of Indonesia will exempt several products from the luxury goods sales tax. By law, Indonesia has a tax (ranging between 10 and 50 percent) on goods that are categorized as luxury goods. These products include household items such as televisions, electronics, furniture, refrigerators, washing machines, water heaters as well as cars, motorcycles and property.
Seorang pejabat pemerintah berposisi tinggi mengatakan bahwa pemerintah Indonesia berencana memotong pajak perusahaan secara bertahap dari 25% pada saat ini menjadi di bawah 18% dalam usaha untuk membuat Indonesia menjadi tempat yang lebih menarik untuk melakukan bisnis. Luhut Panjaitan, Kepala Staf Presiden Joko Widodo, mengkonfirmasi bahwa Widodo telah memerintahkan tindakan pajak yang terbaru ini. Selama beberapa minggu terakhir kita telah melihat pengumuman sejumlah kebijakan pajak baru karena pemerintah bertekad untuk mendongkrak pengumpulan pajak sebesar 30% di 2015.
Reserves of crude palm oil (CPO) in Indonesia may have declined for a second straight month in October on the back of drought and an increase in exports from Southeast Asia’s largest economy. The delayed impact of drought (which even managed to dry up several rivers in West Kalimantan in October) limited production of CPO in recent weeks. Meanwhile, exports have increased after Indonesia and Malaysia - the world’s two top palm oil producers - scrapped export taxes to boost demand for this commodity.
One strategy of Indonesian President Joko Widodo to generate more state revenues in order to enhance investments in social and economic development of Indonesia is by improving the country’s tax collection system. As the middle class as well as number of companies that are active in Indonesia has risen rapidly in recent years, it is disappointing that tax collection targets are rarely met in Southeast Asia’s largest economy: tax compliance is low, while corruption among civil servants (tax collectors) remains a structural problem.
In a plenary session of Indonesia’s House of Representatives (DPR) on Wednesday evening (18/06), the parliament approved the government’s proposed revised state budget of 2014 (RAPBN-P 2014). Prior to this approval, the revision had already been discussed for a month between the House of Representatives’ Budget Committee (Banggar) and the government. Almost all components of the 2014 State Budget have been revised from the government’s earlier assumptions.
The tax crime case which involves Bank Central Asia (BCA), Indonesia's largest lender by market value and the second-largest bank by assets, is not expected to have a significant impact on the performance of the shares of BCA. Earlier this week, Hadi Poernomo (Director General of taxation from 2002 to 2004) was questioned by Indonesia's Corruption Eradication Commission (KPK) on allegations of accepting bribes in exchange for tax exemptions - worth of IDR 375 billion (USD $32.8 million) - granted to BCA.
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