PETALING JAYA (THE STAR/ASIA NEWS NETWORK) - CIMB Group chairman Datuk Seri Nazir Razak has praised the Indonesia government for successfully bringing back billions of US dollars through its tax amnesty programme.
"Phenomenal result for the tax amnesty. Already USD280 billion in newly declared assets and revenue exceeding forecast. Bullish Indonesia again," he wrote on his Instagram account, congratulating Indonesian President Joko Widodo's administration.
It was reported that some US$10.5 billion (S$14.4 billion) in previously undeclared assets have been repatriated to Indonesia in the past three months, with more than half of the amount (57 per cent) coming from Singapore.
An estimated US$273 billion of undeclared assets of Indonesians are stashed overseas.