31 Jan '17, 9am

Commentary: Indonesia's tax amnesty enters its third phase with good results so far - Channel NewsAsia

Commentary: Indonesia's tax amnesty enters its third phase with good results so far - Channel NewsAsia

Indonesia has entered the third phase of its tax amnesty programme , which was first launched in July 2016 to boost the country’s meagre revenue by collecting previously unreported funds hidden by wealthy citizens abroad and at home. The country, which has long struggled to increase its tax revenue, has so far seen more than 600,000 taxpayers join the scheme, generating US$8 billion from the first two phases of the programme. The first phase, which ended in October last year, exceeded expectations by generating around US$7 billion or two-thirds of the revenue target. The second reporting period ended on Dec 31, 2016, and generated the much smaller amount of US$1 billion. Some 27,000 new taxpayers have registered since the roll-out of the programme. And while it remains to be seen whether Indonesia will reach its tax amnesty target of US$12.4 billion by the end of the third...

Full article: http://www.channelnewsasia.com/news/business/commentary-i...

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