Analysis of Tax Asymmetry and Potential Revenue from Wealth Tax in Indonesia, The Philippines and Vietnam
August 7, 2023
Irvan Tengku Harja, Rizky Deco Praha, Samira Hanim, Farhan Medio Yudantyo, Eka Afrina Djamhari + 7 more authors

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The need for a wealth tax is becoming more pressing to boost state revenue and combat inequality and poverty. Rising wealth disparity and regressive tax systems, where lower-income groups pay proportionately more, underscore the urgency. Progressive fiscal policies, including wealth taxation, are vital for reducing inequality and promoting fairer wealth distribution.

This research aims to comprehend the uneven tax systems and project potential wealth tax outcomes in Indonesia, The Philippines, and Vietnam. These nations were chosen due to their substantial GDP within ASEAN, although they represent just a portion of the diverse Southeast Asian landscape. Each country’s distinct tax structure, strategy, and economic context may yield differing research insights. The study’s significance lies in highlighting tax system imbalances and providing wealth tax approximations for key ASEAN countries. The objectives encompass understanding tax asymmetry and estimating wealth tax returns in the selected nations.

This research involves policy analysis, utilizing quantitative and qualitative methods to provide policy recommendations. Quantitative analysis gauges potential wealth tax revenues, while qualitative analysis identifies tax policy flaws hindering equitable taxation in Indonesia, the Philippines, and Vietnam.

Implementing wealth tax in these countries can yield extra government revenue, albeit unlikely to exceed VAT and income tax proceeds. Overall, it can alleviate income inequality, complement existing taxes, especially for HNWIs with passive income, and enhance wealth distribution equitably through a progressive tax framework.

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