The first period of Indonesia’s tax amnesty program is almost completed. This first period, which runs from July to 31 September 2016, offers the most attractive tax rates to those taxpayers who have not fulfilled their tax obligations in recent years. Through the government’s tax amnesty program they can declare previously undeclared assets and – if they have assets abroad (for example in the so-called tax havens) – they are encouraged to repatriate these funds into Indonesia through attractive tax incentives and immunity from prosecution, a move that met resistance in Singapore.

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Although at a slower pace, Indonesia's exports and imports continued to contract in August 2016. In August Indonesia exported USD $12.63 billion worth of goods down 0.75 percent on a year-on-year basis (much better than analysts had forecast). Meanwhile, Indonesia imported USD $12.34 billion worth of goods in August, down 0.49 percent (y/y). As such, the trade balance in August showed a USD $293.6 million surplus. However, Indonesia's Statistics Agency (BPS) added that it was the 23rd month of declining imports and exports for Indonesia.

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Although the economy of Indonesia will continue to face challenges in 2017, there are a couple of matters that give rise to optimism about accelerating economic growth. These were the conclusions drawn at the Entrepreneur Networking Forum that was held by Bank Tabungan Negara Pensiunan Nasional in Bandung (West Java) on Wednesday (14/09). Although expectations were recently revised down (due to government budget cuts), Indonesian economic growth is still set to rebound in 2016 after having experienced several years of slowdown.

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Fadhil Hasan, Executive Director of the Indonesian Palm Oil Producers Association (Gapki), informed that Indonesia's exports of crude palm oil (CPO) and its derivatives (including biodiesel and oleo-chemicals) reached 1.74 million tons in July 2016, down around 8 percent from the 1.89 million tons that were exported one month earlier. The decline in exports is attributed to rising CPO consumption at home and easing demand in several key export markets.

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