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Indonesia Opens up Tax Amnesty

Indonesia Opens up Tax Amnesty

The Indonesian government has just opened up more avenues for the citizens to park their funds under a tax amnesty plan. Individuals who sign up this plan will now be allowed to invest in assets such as gold, property and infrastructure projects according to the Finance Ministry.

“This amnesty program may bring back up to 560 trillion rupiah ($42.7 billion) in assets stashed offshore.”

~ Bank Indonesia

This amnesty program may bring back up to 560 trillion rupiah ($42.7 billion) in assets stashed offshore, according to Bank Indonesia. President Joko Widodo, also known as Jokowi, aims to use the taxes from the plan to pay for an ambitious infrastructure agenda and boost economic growth. More avenues to park the  funds may encourage greater participation and help Jokowi partly plug a shortfall in tax revenue as the nation grapples with a slowdown in China and low commodity prices.

Related Reports: Bloomberg, Reuters

 

About Bank Indonesia

A new chapter in the history of Bank Indonesia as an independent central bank was initiated when a new Central Bank Act, the UU No. 23/1999 on Bank Indonesia, was enacted on May 17, 1999 and have which has been amended with UU No.3/2004 on January 15, 2004. The Act confers it the status and position as an independent state institution and freedom from interference by the Government or any other external parties.

As an independent state institution, Bank Indonesia is fully autonomous in formulating and implementing each of its task and authority as stipulated in the Act. External parties are strictly prohibited from interfering with Bank Indonesia’s implementation of its tasks, and Bank Indonesia has the duty to refuse or disregard any attempt of interference in any form by any party.

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