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Fiscal boost from tax amnesty puts Indonesia closer to S&P upgrade

Published Mon, Apr 3, 2017 · 09:50 PM
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Jakarta

AFTER netting more than US$10 billion in revenue from its tax amnesty programme, Indonesia may be a step closer to winning a much-coveted investment grade from S&P Global Ratings.

The nine-month amnesty drive, which ended on Friday, led citizens to declare 4,866 trillion rupiah (S$510 billion) of assets hidden from tax authorities. The success may help South-east Asia's largest economy win an upgrade from S&P, according to Oversea-Chinese Banking Corp (OCBC) and DBS Group Holdings Ltd.

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