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Today's Headlines Tax Amnesty Bill

  • Property Sector of Indonesia to Strengthen in 2017?

    Property Sector of Indonesia to Strengthen in 2017?

    More and more signs point toward a strengthening property sector in Indonesia. In the third quarter of 2016 the property sector has seen more activity, a trend that is expected to continue into the fourth quarter and in 2017. Stanley Ang, Chief Marketing Officer at urban development company Lippo Cikarang, said this development is partly supported by the government's tax amnesty program and the lower interest rate environment in Indonesia as well as Bank Indonesia's decision to ease the loan-to-value (LTV) ratio.

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  • Indonesia Stock Market & Rupiah Update: Great Performance Today

    Indonesia Stock Market & Rupiah Update: Great Performance Today

    Indonesian assets performed very well on Monday (03/10). Indonesia's benchmark Jakarta Composite Index surged 1.85 percent to 5,463.92 points, while the Indonesian rupiah appreciated 0.46 percent to IDR 12,983 per US dollar (Bloomberg Dollar Index). Overall, assets are improving worldwide due to easing concerns about the Deutsche Bank case, stabilizing oil prices, and China's stabilizing manufacturing activity. Indonesian assets, however, performed best supported by the government's successful tax amnesty program.

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  • Indonesia Investments' Newsletter of 2 October 2016 Released

    Indonesia Investments' Newsletter of 2 October 2016 Released

    On 2 October 2016, Indonesia Investments released the latest edition of its newsletter. This free newsletter, which is sent to our subscribers once per week, contains the most important news stories from Indonesia that have been reported on our website over the last seven days. Most of the topics involve economy-related topics such as Indonesia's tax amnesty program, the pharmaceutical industry, GDP growth, the current account balance, competitiveness, urban planning, renewable energy, and more.

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  • Update Indonesia's Tax Amnesty Program: 1st Phase Ended Successfully

    Update Indonesia's Tax Amnesty Program: 1st Phase Ended Successfully

    The first phase of Indonesia's tax amnesty program ended on Friday (30/09). Contrary to earlier forecasts the first phase of the program can be labeled a success. The Indonesian government collected IDR 97.2 trillion (approx. USD $7.5 billion) in additional tax revenue, or 58.9 percent of the nine-month program's full target (IDR 165 trillion). Indonesia's tax amnesty program, which runs up to 31 March 2017, is divided in three phases. In the first phase the government offered the most attractive tax tariffs to taxpayers who declare and/or repatriate their previously unreported assets.

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  • Tax Amnesty Program Indonesia is a Success Except for Repatriations

    Contrary to our earlier predictions, Indonesia's tax amnesty program has been on a roll in September 2016. The program is designed to boost the government's tax revenue by offering tax evaders attractive rates to come clean and declare their previously undeclared assets (whether stashed at home or abroad in the so-called tax havens). Those who join the program can also repatriate offshore assets into Indonesia, into specifically prepared investment instruments where the funds need to stay for at least three years.

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  • Indonesia's Rupiah Performing Well Today against US Dollar. Why?

    Indonesia's Rupiah Performing Well Today against US Dollar. Why?

    Indonesia's rupiah currency is performing remarkably well today. By 13:20 pm local Jakarta time the rupiah had appreciated 0.75 percent to IDR 12,943 per US dollar (Bloomberg Dollar Index). There are several factors that are pushing the rupiah in a stronger position. Enny Sri Hartati, economist at the Institute for Development of Economics and Finance (Indef), informed that capital inflows are the result of the government's tax amnesty program and rising foreign direct investment (FDI). Meanwhile, there is the impact of the US presidential debate.

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  • Tax Revenue Realization Indonesia Remains Far from Target

    Tax Revenue Realization Indonesia Remains Far from Target

    Realization of non-oil & gas tax revenue reached IDR 705 trillion (approx. USD $54 billion) up to 26 September 2016, or 53.5 percent of the full-year non-oil & gas revenue target that was set in the Revised 2016 State Budget (IDR 1,318.9 trillion). Ken Dwijugiasteadi, the Finance Ministry’s Taxation Director General, said bleak non-oil & gas tax revenue realization is partly the result of lower income tax and value-added tax realization generated from imports. Both Indonesia's import and export performance have been declining for nearly two years.

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  • Indonesia Investments' Newsletter of 25 September 2016 Released

    Indonesia Investments' Newsletter of 25 September 2016 Released

    On 25 September 2016, Indonesia Investments released the latest edition of its newsletter. This free newsletter, which is sent to our subscribers once per week, contains the most important news stories from Indonesia that have been reported on our website over the last seven days. Most of the topics involve economy-related topics such as Indonesia's tax amnesty program, Google's presence in Indonesia, Bank Indonesia's interest rates, the oil & gas sector, the digital economy, IPOs, and more.

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  • Tax Amnesty Program Indonesia: First Phase Extended?

    Tax Amnesty Program Indonesia: First Phase Extended?

    According to reports in Indonesian media, President Joko Widodo is willing to extend the deadline for the first phase of the government's tax amnesty program. Originally, this first phase, which sets the most attractive tax rates for those who decide to declare previously undeclared assets and - if desired - repatriate their offshore assets into Indonesia, was designed to end on 30 September 2016. Rosan Roslani, Chairman of Indonesia's Chamber of Commerce and Industry (Kadin Indonesia), said Widodo is willing to extend the deadline on request of Indonesia's business community.

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  • Tax Amnesty Program of Indonesia Reviewed by Constitutional Court

    Tax Amnesty Program of Indonesia Reviewed by Constitutional Court

    Indonesian Finance Minister Sri Mulyani Indrawati was at a court hearing in Jakarta on Tuesday (20/09) to defend the legality of the nation's tax amnesty program. In July 2016 legal activists, gathered within the One Justice Foundation (Yayasan Satu Keadilan) and Indonesian People's Struggle Union (Serikat Perjuangan Rakyat Indonesia), filed for a judicial review at the Constitutional Court claiming that the program turns money laundering into a legal practice, protects criminals, teaches Indonesian citizens not to pay taxes, and constitutes an unfair program from a social point of view.

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Latest Columns Tax Amnesty Bill

  • Joko Widodo Orders Investigation into Indonesian Links in Panama Papers

    Joko Widodo Orders Investigation into Indonesian Links in Panama Papers

    Indonesian President Joko Widodo (Jokowi) called for an investigation into the Indonesian people and companies mentioned in the Panama Papers, the massive leak involving 11.5 million confidential documents from the database of Panama-based law firm Mossack Fonseca. These documents list names numerous people - including of political figures, businessmen, celebrities and sport stars - who have created secret shell companies and offshore accounts in tax havens (possibly in an effort to avoid tax obligations).

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  • Indonesia Does Not Revise 2016 Tax Revenue Target, Realistic or Not?

    Indonesia Does Not Revise 2016 Tax Revenue Target, Realistic or Not?

    Indonesia's Finance Ministry said it will not revise the tax revenue target set in the 2016 State Budget. The Indonesian government targets to collect IDR 1,360.2 trillion (approx. USD $100 billion) worth of tax revenue in 2016, a 28.9 percent rise from tax revenue realization in 2015. However, although it is good to aim high - hence setting an ambitious target - it is also important to be realistic (to avoid budgetary turmoil and gain fiscal credibility, important for Indonesia to be eligible for a credit rating upgrade). How realistic is Indonesia's 2016 tax revenue target?

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