Expert staff of the Finance Minister for taxes Suryo Utomo said around 57 percent or Rp84.52 trillion of funds repatriated from abroad to the country came from Singapore until Wednesday.
Jakarta (ANTARA News) - The Taxation Directorate General (DJP) said Singapore accounted for the largest part of funds repatriated into the country and declared by Indonesians under the tax amnesty program to end on March 31, 2017.

Expert staff of the Finance Minister for taxes Suryo Utomo said around 57 percent or Rp84.52 trillion of funds repatriated from abroad to the country came from Singapore until Wednesday.

Repatriations have also been recorded from other countries including Rp16.51 trillion from Cayman Islands, Rp16.28 trillion from Hong Kong, Rp6.58 trillion from the British Virgin Islands and Rp3.65 trillion from China, Suryo told reporters here on Wednesday .

Singapore also accounted for the largest part of assets declared under the program with 73 percent of the assets worth Rp751.19 trillion parked in that city country.

Large funds have also been declared under the tax amnesty program by Indonesians including in British Virgin Islands reaching Rp76.92 trillion , Hong Kong Rp56.27 trillion, Cayman Islands Rp52.86 trillion and Australia Rp41.15 trillion.

The Taxation Directorate General said there were around US$250 billion (Rp3,250 trillion) of funds parked abroad by rich Indonesians and around US$200 billion (Rp2,600 trillion) of which are in Singapore.

Of around Rp2,600 trillion parked in Singapore, around Rp650 trillion are in "non-investable assets" such as property

The funds parked or stashed away abroad are either for commercial gains or to evade tax.

Based the official website on Wednesday of the Taxation Directorate General, assets declared based on the tax payers asset declarations reached Rp4,679 trillion including Rp3,505 trillion in the country and Rp1,028 trillion abroad , and funds repatriated reached Rp146 trillion.

The government hopes to see the figures rising in the remaining two days of the tax amnesty program. Realization of the program still falls short of targets.

The target for repatriation, which reached only Rp146 trillion was set at Rp1,000 trillion and redemption totaled only around Rp122 trillion as against the target of Rp165 trillion.

Despite the failure to reach the targets , Indonesia is said to be the most successful among countries ever launching tax amnesty in the world.(*)

Editor: Heru Purwanto
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