SUBSCRIBERS

Indonesian tax amnesty could spark outflow from Singapore

Undeclared US$200b has been squirrelled away in Singapore, sources say

Published Mon, Jul 25, 2016 · 09:50 PM
Share this article.

Singapore

SINGAPORE'S wealth management industry is likely to suffer a bad dent as rich Indonesians move some money back home to take advantage of a tax amnesty, but the exodus of funds is not going to be as big as Jakarta is predicting.

Around US$200 billion of Indonesian money that may not have been declared to the tax authorities in Jakarta has been squirrelled away in Singapore, according to private banking sources. It is a huge portion of the approximately US$470 billion of assets under management by private banks in the financial hub.

Consultants, lawyers and bankers closely involved with the industry expect roughly US$30 billion to go to Indo…

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

International

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here