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Bank Mandiri books Rp 23t tax amnesty repatriation
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President Joko "Jokowi" Widodo delivers a speech about the tax amnesty before 2,000 businessmen from the mining and plantation sectors in Balikpapan, East Kalimantan, on Dec. 5. (JP/N. Adri)
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ublicly listed state-owned lender Bank Mandiri reported on Tuesday it had received Rp 23 trillion (US$1.7 billion) worth of repatriated funds from the government's tax amnesty as of December, which reached the end of the program's second phase.
Bank Mandiri corporate secretary Rohan Hafas said some 53 percent of the funds were put into saving accounts and time deposits while the remainder were in the form of other financial products, such as bonds, sukuk (Islamic bonds), mutual funds and insurance products.
"To support the tax amnesty, Bank Mandiri has prepared instruments to receive the repatriated funds into the Mandiri Group, which includes treasury product, assets management, capital market, capital or venture fund, insurance and other non-financial instruments," Rohan said, as quoted in an official statement.
As of December, total assets repatriated reached Rp 141 trillion, data from the Finance Ministry's Directorate of Taxation showed. The government has targeted the repatriation of Rp 1,000 trillion worth of assets via the amnesty, which will end on March 31. (bbn)
