Minimal impact from Indonesia’s tax amnesty on Singapore banks so far

SINGAPORE (Oct 5): When Indonesia announced a tax amnesty in July to offer lower penalties to tax evaders, market watchers here expected Singapore banks to begin seeing large outflows in their assets under management.

But so far, only 12%, or IDR79 trillion ($8.3 billion), of the total declared amount held in Singapore has been repatriated in the first phase of the nine-month amnesty to Sept, according to Leng Seng Choon, analyst at RHB Research.

In fact, Leng noted that the repatriated amount accounted for just 2.6% of the total AUM of $321 billion among the three Singapore banks.

---

Related Stories

• Lim & Tan Securities maintains ‘buy’ on Grand Banks Yachts; almost doubles TP to $1.05
• Brokers’ Digest: AEM, Prime US REIT, Hyphens Pharma, Seatrium, Valuetronics, DFI Retail Group, CDG, Centurion, Sembcorp
• Citi maintains ‘buy’ on Keppel DC REIT after acquisition of two data centres in Genting Lane

---