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Govt selecting private banks to become tax amnesty “cashiers”
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President Joko "Jokowi" Widodo gives a remark during the inauguration of the Tax Amnesty Policy at the taxation directorate general's office in Jakarta on July 1, 2016. (Courtesy of Presidential Secretariat/-)
T
he Finance Ministry is finalizing the ministerial regulations (PMK), which will provide technical guidance for the implementation of the tax amnesty policy, and selecting state-owned and private banks that will receive the repatriated funds
Finance Minister Bambang Brodjonegoro said the designated banks would be authorized to accept the repatriated funds before they were channeled into government bonds, time deposits or real sectors such as property, trade and manufacturing.
"We will soon appoint the banks, which will also be included in the PMK. They are state-owned banks and several private banks," he said after the ceremonial launch of the Tax Amnesty Program in Jakarta on Friday.
The ministerial regulations, Bambang continued, would stipulate the tax amnesty procedures and requirements. He expected that banks would effectively start receiving the repatriated assets after Idul Fitri.
"Several Finance Minister Regulations will be issued after the Idul Fitri holiday to support the Tax Amnesty Law. The president will issue a Presidential Decree [Keppres] too. The law will come into full effect after Idul Fitri," Bambang said,
President Joko "Jokowi" Widodo pointed out during his remarks that the tax amnesty was not merely a tax enforcement strategy, but also an effort to use Indonesian funds kept overseas to boost the domestic economy. (ags)
