Deal underway to allow Indonesia to bring home tax money parked in Singapore

Singapore and Indonesia are to sign an agreement which will enable to Indonesian government to hunt down tax money from Indonesians who park their money in Singapore, according to a report in The Jakarta Post Online on Tuesday.

The Bilateral Competent Authority Agreement to implement the Automatic Exchange of Information will allow Indonesia access to financial data of Indonesians in Singapore.

Finance Minister Sri Mulyani Indrawati received the offer from Singapore on the sidelines of the G20 summit in Germany last week.

Sri Mulyani estimated that Indonesian wealth parked overseas amounted to about Rp 1 quadrillion (US$74.68 billion), 60 percent of which was in Singapore.

Finance Ministry’s tax compliance expert Suryo Utomo said that the Rp 835 trillion parked in Singapore that was declared during the tax amnesty, only Rp 84.52 trillion had been repatriated.

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