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Indonesian FM Pushes For Tax Amnesty Law

by Mary Swire, Tax-News.com, Hong Kong

12 April 2016


Indonesia's Minister of Finance, Bambang Brodjonegoro, is urging the passage of the draft Tax Amnesty Tax Bill to boost compliance rates.

He seized on the recent leak of the Panama Papers in noting that the information has provided an insight into where undeclared assets are being held overseas. He said the British Virgin Islands, the Cook Islands, and Singapore are the three most popular destinations.

"Many Indonesians established paper companies in various tax havens," Finance Minister Bambang Brodjonegoro said. "We want to trace Indonesians' assets, both in terms of money and fixed assets, which have not been reported in their annual tax returns." He expressed hope that lawmakers will approve draft legislation for the amnesty.

TAGS: compliance | Finance | tax | investment | business | tax compliance | tax avoidance | law | banking | Singapore | enforcement | ministry of finance | offshore | offshore banking | Indonesia | tax reform | penalties | trade | Panama | business investment | Tax | Tax Evasion

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