Indonesians declare $12.2 bil of Singapore assets for tax

SINGAPORE (Sept 17): Indonesians have declared 117.3 trillion rupiah ($12.2 billion) of assets held in Singapore under the government’s tax amnesty, though only a small proportion of that figure has been brought back home, Indonesia’s Finance Ministry said Friday.

Of the total Singapore assets declared to the Indonesian government as of Sept 15, only 14.1 trillion rupiah, or about 12%, has been repatriated, the ministry said.

Under the amnesty launched in June, Indonesians can pay a tax rate starting at 4% on declared assets that they choose to leave overseas. The rate increases in stages to 10% as the amnesty draws to a close in March. Indonesians who agree to repatriate their assets, for a period of at least three years, are offered a rate of only 2%, as well as a range of possible investments.

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