Indonesians Declare $8.9 Billion of Singapore Assets for Tax
Indonesians have declared $8.9 billion of assets held in Singapore under the government’s tax amnesty. Of the total Singapore assets declared to the Indonesian government as of Sept 15, only 12% has been repatriated.
Launched in June, the tax amnesty offers a tax rate starting at 4 percent on declared assets that Indonesians choose to leave overseas. The rate increases progressively up to 10 percent as the amnesty draws to a close in March.
News Source: Bloomberg