Indonesian citizen brings home Rp 39 trillion from Singapore

The Director General of Taxes at the Ministry of Finance, Ken Dwijugiasteadi, stated that the largest amount of assets repatriated by Indonesian citizens originates from Singapore. Data as of September 25, 2016, shows that repatriation from Singapore reached Rp 39 trillion. This figure represents a significant increase compared to the Rp 6 trillion obtained three weeks prior (September 5).

According to the Directorate General of Taxes, towards the end of the first period of the tax amnesty program in September 2016, reported assets increased dramatically. Previously, in August, the total reported assets amounted to Rp 144 trillion. However, by September 26, 2016, the declared asset value had surged significantly to Rp 2,327 trillion.

This amount of repatriated funds is expected to continue growing until the tax amnesty program concludes on March 31, 2017. According to the Directorate General of Taxes, these repatriated funds can be deposited in designated banks (collecting banks) and invested in various forms, such as government securities, bonds, and investments in various sectors.