Government Records Repatriated Funds Worth Rp146 Trillion

Tax offices open counters to serve applicants of Indonesia’s tax amnesty program.

Jakarta, 04 Rajab 1438/01 April 2017 (MINA) – Repatriated funds, based on asset statement letters (SPH), reached Rp146 trillion (USD 11 billion), Antara reported, citing the tax amnesty statistics of the Taxation Directorate General of the Finance Ministry, Friday, the last day of the tax amnesty program.

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Data on the official website of the tax amnesty program, on Friday at 8 a.m. local time, showed that the total value of assets based on SPH was recorded at Rp4,766 trillion comprising Rp3,587 trillion of declared domestic assets, and Rp1,033 trillion of declared assets stashed overseas, as well as Rp146 trillion in repatriated funds.

The total retribution fee was recorded at Rp111 trillion, including Rp89.6 trillion paid by non-micro, small, and medium scale businesspersons.

The directorate general has received a total of 940 thousand SPH, including 228 thousand in March 2017 alone.

The number of participants of the tax amnesty program has reached 891 thousand.

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In the meantime, the Taxation Directorate General 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.

The largest repatriated funds came from Singapore

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

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A similar trend has 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 informed 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 the British Virgin Islands, reaching Rp76.92 trillion; Hong Kong, Rp56.27 trillion; Cayman Islands, Rp52.86 trillion, and Australia, Rp41.15 trillion.

According to the Taxation Directorate General, about US$250 billion (Rp3,250 trillion) of funds were parked abroad by wealthy Indonesians of which around $200 billion (Rp2,600 trillion) are in Singapore.

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

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Still falls short of targets

The government is optimistic of witnessing a rise in the figures 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.

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Despite the failure to achieve the targets, Indonesia is said to be the most successful among countries in the world that have launched a tax amnesty program. (T/RS5/RS1)

Mi’raj Islamic News Agency (MINA)

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