MIND ID Group Increases Tax Data Transparency

Jakarta, September 4, 2020 - As a commitment and support for improving the quality and transparency of tax data in Indonesia, MIND ID Mining Industry Holding (Mining Industry Indonesia) and all its members – PT ANTAM Tbk, PT Bukit Asam Tbk, PT Freeport Indonesia, PT Inalum (Persero) and PT Timah Tbk – jointly signed a memorandum of understanding with the Directorate General of Taxes (DGT) for data integration taxation. This event indicated that the tax data integration system was officially implemented in the MIND ID Group.

In this event, the Director General of Taxes, Suryo Utomo, said, "We appreciate the synergy and commitment of MIND ID and all its members to help DGT create a clean and transparent tax system. The implementation of the program will increase the effectiveness and efficiency of tax revenue collection. "

This taxation data integration includes the exchange, processing, research and testing of tax data through information technology-based system. In the future, this program can reduce administrative expenses for MIND ID and its members.

President Director of MIND ID Orias Petrus Moedak said, "MIND ID is the first BUMN Holding to implement the integration of tax data across all corporate entities under it. The integration of the tax system within the MIND ID Group is in line with our commitment to work transparently and carry out healthy business practices so as to contribute to the country and improve welfare in accordance with the company's noble goals."

For MIND ID and its members, this step will reduce the Cost of Compliance, namely the administrative expenses that must be spent to comply with tax regulations. In addition, MIND ID will also appreciate easier data collection process. Potential tax disputes will consequently be lowered because it is fully open to the tax authorities.

Meanwhile, for the DGT, this cooperation provides real-time access to MIND ID financial data and Mining Industry Holding members as well as transaction data carried out with third parties, so that they can conduct research and compliance testing electronically without having to go through a long and expensive inspection process. Thus this cooperation increases the effectiveness and efficiency of tax revenue collection.

President Directors and Finance Directors of all MIND ID members along with the Director General of Taxes signed the MOU. President Director of PT ANTAM Tbk, Dana Amin; President Director of PT Bukit Asam Tbk, Arviyan Arifin; Deputy President Director of PT Freeport Indonesia, Jenpino Ngabdi; Managing Director of PT Inalum (Persero), Oggy Achmad Kosasih; and President Director of PT Timah Tbk, Riza Pahlevi attended this event.

In terms of tax data integration, PT ANTAM Tbk has already implemented it in March 2020.

About MIND ID

Mining Industry Holding was officially formed on November 27, 2017 using PT Indonesia Asahan Aluminimum (Persero), or commonly called INALUM, as the holding company which housed the four largest mining industry companies in Indonesia, namely PT Aneka Tambang Tbk, PT Bukit Asam Tbk, PT Timah Tbk and PT Freeport Indonesia. 

On August 17, 2019, the Mining Industry Holding was transformed into MIND ID (Mining Industry Indonesia) to differentiate INALUM's function as a Holding and as an Operations.