Below is a list with tagged columns and company profiles.

Today's Headlines Tax Amnesty Bill

  • Tax Haven in Indonesia? Corporate Income Tax Indonesia Slashed?

    Tax Haven in Indonesia? Corporate Income Tax Indonesia Slashed?

    The government of Indonesia selected two islands - Resort islands Bintan and Rempang, situated near Singapore - as the possible location for its tax haven (a low-tax jurisdiction that should prevent Indonesian taxpayers from moving their assets to other countries in search of more attractive tax rates, while non-residents will also be able to establish so-called shell companies). Currently, a significant portion of Indonesian funds flow to offshore financial centers in Singapore, Mauritius, British Virgin Islands and Panama.

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  • Update Tax Amnesty Program of Indonesia: Results So Far?

    Although the peak of repatriated fund flows and tax declarations - in the context of Indonesia's tax amnesty program - are expected to occur in the months September and October 2016, there is room for concern whether the ambitious targets of the government can be achieved. Between the launch of the program on 18 July and 1 August 2016 the government only saw IDR 98.43 billion (approx. USD $7.6 million) of additional income from 464 tax payers, while it targets to collect a total of IDR 165 trillion (approx. USD $12.7 billion) within a nine-month period.

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  • Singapore Denies Allegations Regarding Indonesia's Tax Amnesty Program

    Singaporean authorities deny that the nation's banks offer incentives to Indonesian clients to keep their assets stashed in Singapore. Last week, reports started to circulate in local Indonesian media claiming that Singaporean banks offer to finance the difference between interest paid on the declaration of assets kept in Singapore and the interest paid on the assets repatriated to Indonesia. Indonesia is eager to see the repatriation of offshore funds (stashed in so-called tax havens) through the tax amnesty program. It is estimated that some USD $200 billion worth of Indonesian funds are kept in Singapore.

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  • Indonesia Investments' Newsletter of 24 July 2016 Released

    Indonesia Investments' Newsletter of 24 July 2016 Released

    On 24 July 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 economic matters such as Indonesia's tax amnesty program, fiscal stability, Bank Indonesia's monetary policy, the pharmaceutical industry, global economic growth forecasts of the IMF and ADB, company profiles, and more.

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  • Tax Amnesty: Singapore Banks Eager to Keep Indonesian Assets Offshore

    Tax Amnesty: Singapore Banks Eager to Keep Indonesian Assets Offshore

    Allegedly, several Singaporean banks try to keep Indonesian funds within the country by offering tax incentives to their Indonesian clients. These banks are concerned that Indonesia's tax amnesty program will lure taxpayers to repatriate their funds into Indonesia. Under Indonesia's amnesty program tax evaders obtain tax incentives (and impunity from prosecution) to declare and - if desired - repatriate their offshore funds into Indonesia. Although it is illegal to request Indonesian clients not to declare these assets to Indonesian tax authorities, it is legal to offer an incentive to keep the assets in Singapore.

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  • Fiscal Credibility Indonesia Supported by Tax Amnesty Program

    Fiscal Credibility Indonesia Supported by Tax Amnesty Program

    Foreign investors have increased holdings of government bonds by IDR 96.45 trillion (approx. USD $7.4 billion) between the start of 2016 and Wednesday 20 July 2016. In total, foreigners now hold IDR 654.97 trillion (approx. USD $50 billion) worth of Indonesia's government bonds. This reflects strong investor appetite for (relatively) safer state assets amid economic uncertainties related to looming monetary tightening in the USA, the Brexit issue and sluggish global economic growth, but it also shows that foreign investors have confidence in Indonesia's fiscal fundamentals.

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  • IPO News: Indonesia Stock Exchange Scraps Initial Listing Fee Temporarily

    IPO News: Indonesia Stock Exchange Scraps Initial Listing Fee Temporarily

    Not only the Indonesian government - through its tax amnesty program - but also the Indonesia Stock Exchange (IDX) offers incentives. Tito Sulistio, General Chairman of the IDX, said initial listing fees are scrapped for those companies that conduct an initial public offering (IPO) before 31 March 2017. It is no coincidence that this incentive is valid until 31 March 2017 (the same day Indonesia's tax amnesty program expires). The Indonesian government and market regulators all seem on the same page: attract capital inflows, deepen capital and financial markets, and - more generally - boost Indonesia's economic growth.

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  • Stock Market Update Indonesia: Jakarta Composite Index at 14-Month High

    Stock Market Update Indonesia: Jakarta Composite Index at 14-Month High

    It was another impressive day at the office for the Indonesia Stock Exchange. Indonesia's benchmark Jakarta Composite Index (IHSG) surged 1.35 percent to 5,242.82 points on Wednesday (21/07). After Thailand's benchmark index, the Jakarta Composite Index was the best performing index in Asia today. Overall, Asian markets were mixed as most investors seem to reassess the global economy after the International Monetary Fund (IMF) decided to cut its global growth outlook (modestly) on Tuesday (19/07).

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  • Update Tax Amnesty Program Indonesia: First Days after Launch

    Update Tax Amnesty Program Indonesia: First Days after Launch

    According to an Indonesian tax official, 149 taxpayers have already filed for Indonesia's tax amnesty program (which was launched on Monday 18 July 2016) at North Jakarta's Tax Office. Eleven have already settled their tax debt. However, spokesperson for the Directorate General of Taxation, Hestu Yoga Saksama, provided no information about the amount of tax revenue or repatriated funds that are involved. Saksama is optimistic that the government's target of seeing the repatriation of IDR 1,000 trillion (approx. USD $76 billion) worth of previously undeclared offshore assets into Indonesia will be achieved.

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  • Indonesia Investments' Newsletter of 3 July 2016 Released

    Indonesia Investments' Newsletter of 3 July 2016 Released

    On 3 July 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 economic matters such as the performance of Indonesian stocks and the rupiah in the post-Brexit era, the impact of Idul Fitri on the economy, the tax amnesty program, revised state budget, inflation, manufacturing, and much more.

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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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