World Economy

Indonesia Tax Amnesty Picks Up Pace

Indonesia Tax Amnesty Picks Up PaceIndonesia Tax Amnesty Picks Up Pace

After a slow start, Indonesia’s tax amnesty program has picked up pace with over 100,000 Indonesians taking part and declaring more than $110 billion of assets, the finance ministry said on Thursday, Reuters reported. Participation has surged this month, ahead of a Sept. 30 deadline to pay the smallest penalties charged for registering previously-unreported assets. Penalty rates are higher in the next two phases of the amnesty, which ends in March. Some of Indonesia’s wealthiest individuals, including Lippo Group chief executive James Riady, Inter Milan football club president Erick Thohir and Hutomo Mandala Putra—a son of the late authoritarian president Suharto—have signed up. As of Thursday, more than 102,500 Indonesians had signed up since the July launch, and they declared 1,459 trillion rupiah ($111.50 billion) of assets. Of that total, 483 trillion rupiah were declared overseas, and the rest at home. And of the amount declared overseas, 77.9 trillion rupiah—or 16%—is committed to be returned home, according to a government website giving daily updates.