Indonesian tax office to examine individuals with over $20,000 in savings

Indonesian tax office to examine individuals with over $20,000 in savings
Indonesian Finance Minister Sri Mulyani Indrawati
PHOTO: Reuters

JAKARTA - Finance Minister Sri Mulyani Indrawati has announced that the Directorate General of Taxation was ready to examine the financial data of around 2.3 million bank accounts that have a minimum balance of Rp 200 million (S$200,000) at year-end.

Sri Mulyani told reporters Monday that the accounts were equal to 1.14 per cent of total savings nationwide, leaving the biggest chunk of those whose savings are below Rp 100 million and those with a balance between Rp 100 million and Rp 200 million.

According to Sri Mulyani, the tax office will improve its system to accommodate the increased workload, implementing measures ranging from system preparedness to recruiting additional tax officers.

According to Deposit Insurance Corporation (LPS) data as of February, 1.29 million customers have account balances between Rp 200 million and Rp 500 million.

More than 519,000 customer accounts have between Rp 500 million and Rp 1 billion; while 257,000 accounts have a balance of between Rp 1 billion and Rp 2 billion.

The LPS recorded that 154,000 individuals having a balance between Rp 2 billion and Rp 5 billion and 84,514 individuals with a balance of more than Rp 5 billion.

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