Indonesia to trace and tax assets kept hidden during amnesty
Tax amnesty declarations and pledged repatriation of assets don't correspond to taxpayers' holdings data
Jakarta
INDONESIA'S government has issued new regulations aimed at tracing and taxing the wealth of taxpayers who were not pardoned in the nine-month tax amnesty that ended in March.
Around 972,000 taxpayers joined the amnesty programme and declared assets worth a total of 4,881 trillion rupiah (S$495.58 billion). About 24 per cent of that was held offshore, mostly in Singapore, and only a small percentage of it was pledged to be brought back home.
President Joko Widodo vowed last year to implement a "tax law enf…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Luxury sector outlook clouded by China’s slow recovery
TikTok CEO expects to defeat US restrictions: ‘We aren’t going anywhere’
TikTok artists and advertisers to stay with app until ‘door slams shut’
Biden signs Ukraine aid, TikTok ban Bills after Republican battle
UAE announces US$544 million for rain repairs, says lessons 'learned'
HSBC says growing Chinese wealth fuels client investments in US