04 Oct '16, 12pm

Wealthy Indonesians Buying up Luxury Property in Singapore; A Reason

Wealthy Indonesians Buying up Luxury Property in Singapore; A Reason

While the rates of tax under Joko Widodo’s tax amnesty are competitive the result of not declaring is a hefty rate of 200 percent of the tax owed and this might be driving wealthy Indonesians to find alternative destinations for their property investments. The president had anticipated this backlash from foreign banks who he predicted would offer zero percent interest rates on loans and waivers on declaration fees. The president went on to urge Indonesians with untaxed assets abroad to start fresh and avail of the limited time only rates on offer, while at the same time boosting the economy of the country.

Full article: http://batampos.co.id/2016/10/04/wealthy-indonesians-buyi...

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