Serious Common Reporting Standard - Automatic Exchange of Financial Account Informati

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An honorable member of the Coffee Shop Has Just Posted the Following:

Indonesia to start tracing & taxing undeclared assets after tax-amnesty

Indonesia’s government has issued new regulations aimed at tracing and taxing the wealth of taxpayers who were not pardoned in the nine-month tax amnesty that ended in March.

Around 972,000 taxpayers joined the amnesty programme and declared assets worth a total of 4,881 trillion rupiah (S$496 billion). About 24 per cent of that was held offshore, said to be mostly in Singapore. Only a small percentage was pledged to be brought back home.

“Given that condition, after the tax amnesty programme ended, it must be followed by law enforcement in the taxation field,” it said. The regulation calls for all assets that were not reported or were misreported in the amnesty programme, and which were obtained between Jan 1, 1985 and Dec 31, 2015, to be treated as untaxed income. http://www.todayonline.com/world/asi...during-amnesty



Automatic Exchange of Financial Account Information in Tax Matters - Singapore has concluded the treaty with 24 major trading partners but not Malaysia and Indonesia yet.


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