Pay penalty now, paperwork later: Jakarta

Jakarta

INDONESIA, in a bid to boost participation in its pivotal tax amnesty, has told taxpayers wanting to incur the smallest penalties that they can pay now and supply needed paperwork later.

The move comes one week before the Sept 30 end of the amnesty's first phase, during which the lowest penalties for registering previously unreported assets apply. Penalty rates of 2 per cent for onshore assets and ones repatriated from overseas rise after September.