Sep 13, 2016 08:09:24

Tax amnesty progress: Rp7.4tn revenue (4.5% of target) as of 8 Sep16

- The revenue increased Rp0.9tn on the date with asset repatriation up Rp37tn to Rp325tn. About Rp3tn of the revenue goes to BCA. Upon this low realization, Bank Indonesia has recently more than halved its forecast for tax amnesty revenue, from Rp53.4tn to Rp21tn. Repatriation fund, according to the central bank, would only amount to Rp180tn or 18% of what the government targets. Bisnis Indonesia reported that Vice President Jusuf Kalla gave signal that the government might revise down targets after seeing end Sep16 result. Separately, Koran Tempo wrote a comment by the Director General of Taxation Ken Dwijugiasteadi who said that redemption fee is no longer the focus. Instead, efforts will be directed to attract repatriation which, as of yesterday, was recorded at Rp15.7tn (Ministry of Finance, Bisnis Indonesia, Koran Tempo)