Indonesian tax amnesty could spark outflow from Singapore
Undeclared US$200b has been squirrelled away in Singapore, sources say
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…
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