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BCA stores Rp 11t of settled repatriated funds from tax amnesty
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Taxpayers wait to apply for the tax amnesty at the Finance Ministry's Directorate General of Taxation in Jakarta. (JP/Donny Fernando)
P
rivate lender Bank Central Asia (BCA) has said only a small chunk of repatriated funds it had received from the government's tax amnesty program had stayed in the bank.
"Of the Rp 38 trillion (US$2.8 billion) [in repatriated funds we have received] only around Rp 10 trillion to Rp 11 trillion stayed [as of December last year]," BCA president director Jahja Setiaatmadja said in Jakarta on Wednesday as reported by kontan.co.id.
“We can't detail where it went, but much of it went into SBN [government debt papers], stocks and mutual funds,” he added.
BCA will utilize the settled funds for various needs but has yet to decide on the details.
(Read also: Tax amnesty's progress slow in third round)
"It will be mixed with our funds and we'll see what its use is," he said, adding that BCA's loan-to-funding ratio (LFR) currently stands at 77 percent.
Jahja believes BCA has not received all funds related to the tax amnesty yet as the program will run until March.
As of Wednesday, penalty payments from the program stood at Rp 104.18 trillion while repatriated assets reached Rp 140.59 trillion. The government is targeting Rp 165 trillion in penalty payments and Rp 1,000 trillion in repatriated assets. (prim/bbn)
