Funds repatriated to Indonesia from Singapore reaches $8.87 billion

From the Rp 835.7 trillion (S$87.5billion) of funds parked in Singapore declared during the the tax amnesty, as of the final day of the programme on Thursday only Rp 84.52 trillion had been repatriated.

"Repatriated funds mostly came from five countries," said Finance Ministry expert staff member on tax compliance Suryo Utomo as reported by tribunnews.com on Thursday.

Significant repatriated funds came from the Cayman Islands with Rp 16.51 trillion, Hong Kong with Rp 16.28 trillion, the British Virgin Islands with Rp 6.58 trillion and China with Rp 3.65 trillion, said Suryo.

Meanwhile, in terms of declared funds, the government recorded that Rp 751.19 trillion was kept in Singapore, Rp 76.92 trillion in the British Virgin Islands, Rp 56.27 trillion in Hong Kong, Rp 52.86 trillion in the Cayman Islands and Rp 41.15 in Australia.

Suryo said taxpayers who had taken part in the tax amnesty and had declared their wealth are required to report the placement of their wealth gradually inside of three years, while those who had repatriated their funds were required to report their investment within the same time period.

"The deadline for the first report is on March 31, 2018, for individuals and April 30 for corporations," Suryo added.

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