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Govt prepares tax amnesty technicalities
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Cabinet Secretary Pramono Anung speaks to Coordinating Economic Minister Darmin Nasution (left) during a press briefing at the Presidential Office. (ANTARA FOTO/Yudhi Mahatma)
The government is working on the implementation of the tax amnesty by drafting technical guidelines on the policy.
"The President has ordered us to diligently prepare the implementation. The work includes drafting technicalities and instruments to facilitate the repatriation of funds through the tax amnesty program," Coordinating Economic Minister Darmin Nasution said in Jakarta on Monday.
Bank Indonesia and the Financial Services Authority (OJK) were preparing instruments to facilitate inflows expected as a result of the tax amnesty, such as trustee services, infrastructure bonds and mutual funds, while the State-Owned Enterprises Ministry would list and identify infrastructure projects to be offered, Darmin added.
The government is banking on billions of dollars to be repatriated by Indonesians that have parked cash overseas. The owners of the repatriated assets will be charged between 1 and 4 percent of the amount of the funds in exchange for being pardoned for past tax noncompliance.
The government estimates that additional tax revenue of Rp 165 trillion (US$12.42 billion) will flow into state coffers thanks to the tax amnesty. (bbn)
