Oil baron Arifin Panigoro was the most recent tycoon to apply for a tax amnesty in Jakarta on Thursday, one day before the deadline of the program’s first phase ended.
Arifin is the owner of energy giant Medco Group, with oil and gas firm Medco Energi as its core business. The company has diversified into other sectors, such as agriculture (Medco Agro) and finance (Bank Woori Saudara).
Referring to himself as a good taxpayer, Arifin said his participation in the tax program was merely aimed at improving the tax filing of his personal and group’s assets. The taxation system for the oil business is more complicated than for any other business, he said.
“Usually, oil and gas companies pay a share of profits to the government instead of taxes,” Arifin said in Jakarta on Thursday, refusing to elaborate on the value of his undisclosed assets.
According to forbes.com, Arifin ranks 48th among Indonesia’s richest people, with his wealth estimated at US$450 million last year.
This year, Medco Energi secured a business deal worth $2.6 billion to take over copper mining company Newmont Nusa Tenggara. Meanwhile, Medco Agro expanded its business to establish a 248-hectare farm in Merauke, Papua, last year.