MoF Regulation No. 233/PMK.03/2015 dated December 21, 2015
AMENDMENT ON MINISTER OF FINANCE REGULATION NO. 191/PMK.010/2015 CONCERNING FIXED ASSETS REVALUATION FOR FISCAL PURPOSES FOR APPLICATION SUBMITTED ON 2015 AND 2016
This amendment refers to revaluation of fixed assets with following condition:
- Fixed assets should be located in Indonesia and have useful life more than 1 year.
- Approved fixed assets revaluation under this regulation cannot be revalued for fiscal purposes before 5 years since approval date.
When taxpayer transfer the revalued assets of group 1 and 2 before 3 years or group 3 and 4 before 5 years or land and/or building before 1 year since approval date, the excess value of assets revaluation over fiscal book value will be subjected to the highest rate of final income tax under article 17 paragraph 1 and 2a Income Tax Law No. 36 Year 2008. Such final tax must be paid not over 15 days since the month of assets transferred.
Exception will be applied in following condition:
- Such transfer is in force majeure condition based on Government Regulation or court decision.
- Such transfer is for business combination, merger or expansion which approved by DGT.
- Withdrawal of damage assets which beyond repaired.
Any excess value of assets revaluation over fiscal book value will be recorded as gain or loss under Income Tax Law No. 36 Year 2008.
When state owned company or local government owned company conduct the assets revaluation, such appraisal may be done by government appraiser.