Finance Ministry to Inspect Steel Giants After Uncovering Widespread VAT Evasion Scheme

• The Finance Ministry uncovered VAT evasion by at least 40 steel companies, including major firms from China, Indonesia, and other countries.
• Two large companies will face immediate on-site inspections, and internal actors may be involved in the scheme.
• The ministry is launching a deeper investigation and reviewing internal controls at the tax office.
• Tackling the evasion could boost government revenue by up to Rp 4 trillion ($260 million) annually from a single company.
• The government is aiming for a 23% increase in tax revenue for 2026 and pledges strict action against corrupt tax officials.

Source: jakartaglobe.id

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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