• Indonesia introduces tax amnesty to boost economy

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    JAKARTA: Indonesia on Tuesday launched a tax amnesty in a bid to give Southeast Asia’s top economy a multibillion-dollar boost, defying criticism the move will let evaders off the hook. The government believes the amnesty can bring in 165 trillion rupiah ($12.4 billion) of additional revenue this year by offering low rates to those who come forward to declare untaxed wealth. Wealthy Indonesians have long chosen to stash billions of dollars abroad, particularly in neighboring city-state Singapore, to keep it out of reach of the taxman. Parliament approved a bill finally bringing the amnesty into effect after months of wrangling, with all but one of the 10 parties in the legislature backing the controversial measure. But the bill has faced criticism from political parties and among the public who believe it means tax evaders will go unpunished, and that it is unfair to those who have honestly paid their taxes.

    AFP

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