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Currency News

Indonesia's Planned Tax Amnesty Could Bring Home $42 Billion: C.Bank Gov

A tax amnesty programme planned by Indonesia's government could potentially attract home 560 trillion rupiah ($42.38 billion) of assets stashed offshore, the central bank governor told a parliamentary commission on Monday (25/04)

The amnesty programme could also increase the government's tax revenue by 45.7 trillion rupiah, Governor Agus Martowardojo told the commission overseeing finance.

"The tax amnesty is part of an overhaul of the tax system. Therefore, it should lead to an improvement of people's welfare," he said.

Last year the government only collected Rp 9 trillion ($683 million) in income tax from 900,000 individuals, a considerably low number compared to the almost 27.6 million registered taxpayers.

The latest known draft of the Tax Amnesty Law states that taxpayers only need to pay between 1 percent and 3 percent tax on their net wealth increase, if they agreed to repatriate their money.

The proposal of Tax Amnesty Bill has received support from business lobby groups as they hope it will have a multiplier effect on job creation, economic improvement and tax compliance. The government ant the House DPR will continue to discuss tax amnesty bill in May.

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