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INDONESIA: 1 Billion Rupiah Bank Balances Face Tax Scrutiny

All bank accounts with a balance of Rupiah 1 billion (US$75,000) or more as of the year-end will be liable to scrutiny by tax officials. The Directorate General of Taxation is said to be implementing the measures to ensure compliance with the country’s tax regime.

The move comes after it was announced in May 2017 that, in line with Indonesia’s international obligation, the tax authorities are to be given access to accounts held by both citizens and overseas residents in the country’s banks and other financial institutions.

For further details, see INDONESIA: Bank Accounts Now Open to International Tax Scrutiny.

Content provided by Picture: HKTDC Research
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