Account Deposit Above Rp1 Billion Required Report to Directorate General of Taxes

by DI February 14, 2018, 6:47 pm 1.3k Views

A money changer counts rupiah banknotes for customers in Jakarta on May 8, 2015. The dollar rose in Asian trade on fresh expectations the US central bank may raise interest rates in the second half of the year, analysts said. AFP PHOTO / Bay ISMOYO (Photo credit should read BAY ISMOYO/AFP/Getty Images)

JAKARTA – Bank deposits with a total value of Rp1 billion and above must be reported to the Directorate General of Taxation (DGT) Ministry of Finance starting April this year.

Dodik Samsu Hidayat, Head of Sub Directorate of KUP Directorate of Taxation I Regulation, said that there are about 400,000 account holders in domestic banks whose data must be reported.

“The private person who deposits in his account above Rp1 billion is about 400,000 of all banks whose data is in LPS [Lembaga Penjamin Simpanan],” he told on Wednesday (14/2).

He explained, the threshold of Rp1 billion is only valid for individual customers. As for non-indigenous customers, the threshold is not applicable.

Based on LPS data, the total number of accounts recorded as of December 2017 is 242,374,020 with nominal value of Rp5,363.1 trillion.

While the total account amounting to above Rp1 billion as much as 520,423 with nominal Rp3.394, 89 trillion.

With this note, one person can have more than one bank account. This amount does not include deposits in Regional Rural Banks (BPR) and other financial institutions that should also be reported if above the threshold.