Update Indonesia's Tax Amnesty Program, Singapore Banks to Police
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.