Indonesia's tax chief says S$41m declared under tax amnesty so far

The headquarters of Indonesia's tax office in Jakarta, on May 26, 2016.
The headquarters of Indonesia's tax office in Jakarta, on May 26, 2016. PHOTO: REUTERS

JAKARTA (REUTERS) - The head of the Indonesian tax authority said on Monday (July 25) that taxpayers had declared nearly 400 billion rupiah (S$41.4 million) of previously concealed assets under the country's new tax amnesty programme.

"In the first week, almost 400 billion rupiah were declared. We have received penalty fees of about 6 billion rupiah from 20 taxpayers," tax office chief Ken Dwijugiasteadi told Reuters.

Indonesia started the amnesty programme on July 18.

Consultants, lawyers and bankers closely involved with the Singaporean banking industry expect roughly US$30 billion (S$40.8 billion) to leave the city-state to Indonesia under the amnesty.