Singapore is Proven to be Indonesians’ Tax Haven
Singapore is home to the majority of the Rp 1,174-trillion assets overseas owned by Indonesians, which had been declared and repatriated to Indonesia under the Tax Amnesty program.
Indonesia, GIVnews.com – Indonesia’s tax amnesty program has proven public claim that Singapore is a favorable place for wealthy Indonesians to store or invest their funds. This is according to data at the Directorate General of Taxes (DJP).
DJP’s data showed that by 29 March 2017 total wealth declared under the nine-month tax amnesty program reached Rp 4,669 trillion. Of the Rp 4,669 trillion, 75 percent were domestic assets while the remaining 25 percent were assets still deposited overseas and the already repatriated assets. The 25 percent-portion amounted to Rp 1,028 trillion, which was already declared and which was still deposited overseas; and Rp 146 trillion already repatriated to Indonesia. They reached Rp 1,174 trillion, combined.
Singapore is the home to the majority of the Rp 1,174-trillion assets, DJP’s data showed.
All this data was disclosed in Jakarta on Thursday (30/3) by Yoga Hestu Saksama, director for services and public relations at the Ministry of Finance as reported by Kompas daily.
Some analysts pointed out that Indonesia’s income tax losses were not mainly caused by tax-related corruption but by wealthy citizens storing assets overseas. Indonesia launched it tax amnesty program on 1 July 2016 and it ended on 31 March 2017.
