14 Feb 2017
INDONESIA: SMEs and Professionals Targetted During Closing Weeks of Tax Amnesty
With its nine-month tax amnesty set to end on 31 March, the Indonesian government is focussing on SMEs and professional individuals over the closing weeks of the initiative. The penalty rates for SMEs are set at 0.5-2%, lower than 2-6% set for larger businesses and high net worth individuals.
According to the country’s Finance Ministry, some 600,000 people have already participated in the amnesty, with around Rupiah 141 trillion (US$10.57 billion) of previously undeclared funds having now been repatriated to Indonesia.
For further details, see: INDONESIA IN-DEPTH: Uptake and Consequences of the Repatriated Funds Tax Amnesty.