Indonesia nets US$330b from tax amnesty

Jakarta

SOUTH-EAST Asia's biggest economy this month is winding up one of the world's most successful tax amnesties, with at least 745,000 taxpayers declaring more than US$330 billion of assets so far.

President Joko Widodo has cited higher tax revenue as the key to boosting infrastructure spending and growth. But if the amnesty is to avoid being just a one-off windfall, Indonesia needs to improve a tax collection ratio well below many of its peers, international agencies and local officials have said.