Interest income verification<\/p>\n
JAKARTA (JP): Tax Director General Fuad Bawazier promised
\nyesterday that tax officials will not be allowed to track funds
\nkept in time deposits and other forms of bank savings.<\/p>\n
Tax officials are also not allowed to verify the accuracy of
\ntaxpayer data and the incomes gained from interest on time
\ndeposits and other bank savings, the tax director general said.<\/p>\n
"It is in line with presidential decree No. 68 issued in 1983.
\nThe decree frees time deposits and other bank savings from being
\ntracked and verified by tax officials," Fuad said in a statement.<\/p>\n
Fuad said that the information was issued to clarify any
\nconfusion on the fiscal status of incomes obtained from interest
\non time deposits and other savings, and how they are to be
\ncomputed on tax returns.<\/p>\n
In the statement, the tax director general emphasized that the
\ncalculation for income tax on the interest from time deposits,
\nsavings and Bank Indonesia Certificates (SBIs) is still based on
\nthe government's regulation No. 51\/1994. The income tax on
\ninterest, at a flat rate of 15 percent, is not included on tax
\nreturns, according to the regulation.(hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/interest-income-verification-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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