Be Calm, Tax Amnesty Participants Protected by This...
Be Calm, Tax Amnesty Participants Protected by This...
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JAKARTA - Realization of tax amnesty program which continue to soar at the beginning of the third week of September 2016 no doubt make Singapore 'frenzy'. Although eventually expressed support, but is believed to Singapore continues to monitor the movement of this program.
Singapore authorithy issued an official statement for Indonesian customers in Singapore's who participation in the tax amnesty is not an act of criminality, and called report to the police in Singapore is only a procedural nature and will not lead to any investigation.
READ MORE: Tax Amnesty, Indonesia vs Singapore 'Bharatayuda War'
However, the implication is the owner of funds follow the Common Reporting Standard which will open all the financial data in accordance timeline Indonesia customers approved international board.
"So this is very important news for all customers who have an account Indonesia as well as property in Singapore to participate in a tax amnesty program," said Lusiana Sanato, banking laws observers who also a law doctoral candidate at Jayabaya University in Jakarta, Wednesday (21/9).
In addition, added Lusiana, Indonesian government has guaranteed the tax amnesty program participants are protected by applicable legislation.
"Monetary Authority of Singapore (MAS) as a financial services authority in Singapore has urged banks to encourage wealthy clients who deposit funds in Singapore for not given constraints or hindered, even should be facilitated in order to be able to follow the tax amnesty program," she said.
For known, Indonesians have declared about 117.3 trillion rupiah (S$12 billion) in assets held in Singapore under tax amnesty scheme. The amount represents three quarters of all foreign assets declared under the programme, which was pushed in June this year.
Singapore authorithy issued an official statement for Indonesian customers in Singapore's who participation in the tax amnesty is not an act of criminality, and called report to the police in Singapore is only a procedural nature and will not lead to any investigation.
READ MORE: Tax Amnesty, Indonesia vs Singapore 'Bharatayuda War'
However, the implication is the owner of funds follow the Common Reporting Standard which will open all the financial data in accordance timeline Indonesia customers approved international board.
"So this is very important news for all customers who have an account Indonesia as well as property in Singapore to participate in a tax amnesty program," said Lusiana Sanato, banking laws observers who also a law doctoral candidate at Jayabaya University in Jakarta, Wednesday (21/9).
In addition, added Lusiana, Indonesian government has guaranteed the tax amnesty program participants are protected by applicable legislation.
"Monetary Authority of Singapore (MAS) as a financial services authority in Singapore has urged banks to encourage wealthy clients who deposit funds in Singapore for not given constraints or hindered, even should be facilitated in order to be able to follow the tax amnesty program," she said.
For known, Indonesians have declared about 117.3 trillion rupiah (S$12 billion) in assets held in Singapore under tax amnesty scheme. The amount represents three quarters of all foreign assets declared under the programme, which was pushed in June this year.
(rnz)
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