INDONESIANS who have stashed billions of dollars abroad over the years can now bring their hoard safely back home – literally, to a newly bought condo.
That was the pitch from Intiland Development and other Indonesian property developers that aim to grab a slice of at least US$30 billion (S$40 billion) expected to be brought back to South-east Asia’s biggest economy under a tax-amnesty programme implemented last month.
Intiland has launched a new marketing campaign featuring a bird soaring above high-rise towers, with the slogan: “Buy property with tax amnesty.”
Indonesia will impose a 2-5 per cent tax for assets brought back by March 2017 in return for a pardon for past evasions.
The funds must be kept in Indonesia for three years and can be invested in several ways, including purchases of property.
The amnesty comes amid heightened scrutiny in Singapore and wealth-management centres elsewhere over undeclared wealth.
Indonesia, Singapore, Switzerland and Hong Kong are among 101 jurisdictions committed to start exchanging information to combat tax evasion by 2018.
Wealth managers say the new tax-information exchange would motivate some of their clients to repatriate funds, and Indonesia’s deposit rates are generally higher than elsewhere in the region.
But they still have concerns about currency risk – the Indonesian rupiah has ranged between 8,200 and 14,730 to the US dollar over the past 15 years – as well as uncertainties about future tax liabilities after they declare their assets.
Nevertheless, President Joko Widodo said on Monday his government will “go all out” to ensure the success of the scheme.
He has roped in respected former World Bank managing director Sri Mulyani Indrawati as his new finance minister with a particular mandate to spearhead the tax drive.
Officials are betting that wealthy Indonesians would opt to pay the relatively low tax rates on their assets under the amnesty, rather than receiving a tougher penalty once the automatic information exchange kicks in.
Sumber : omy.sg
http://www.pengampunanpajak.com
Kategori:Tax Amnesty in English
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