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TAX amnesty programmes by countries have been in existence for years and the country that has had the biggest success in getting vast sums of money from its citizens and companies is Indonesia.
JAKARTA: As Indonesia’s tax amnesty delivers only a fraction of the hoped-for revenue, a dose of reality is worsening the nation’s growth outlook and eroding this year’s stocks rally.
SINGAPORE: Private banks in Singapore are sharing with local police the names of clients embracing an Indonesian tax amnesty, three banking sources told Reuters, a move that could undermine the amnesty and damage the banks' business with their biggest client pool.
JAKARTA: 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.
SINGAPORE: Singapore’s wealth management industry is likely to suffer a bad dent as rich Indonesians move some money back home to take advantage of a tax amnesty, but the exodus of funds isn’t going to be as big as Jakarta is predicting.
KUALA LUMPUR: AirAsia founder Tan Sri Tony Fernandes, who joined Amnesty International when he was just 13, has now taken up a new role as a member of the human rights organisation's Global Council as it seeks to expand in Africa, Asia, Latin America and the Middle East.