By Ayomi Amindoni From The Jakarta Post

Most of the declared and repatriated assets in the first round of the tax amnesty program have come from Singapore, and not from the tax havens, directorate general of taxation data shows.

Declared assets from Singapore stood at Rp 652 trillion (US$50.22 billion), or 68.51 percent of total overseas declared assets during the first three months of the implementation of the program.

Declared assets from the Virgin Islands and the Cayman Islands, infamous tax havens, only stood at Rp 72.67 trillion (7.64 percent) and Rp 52.53 trillion (5.52 percent), respectively.

Hong Kong and Australia followed with Rp 38.2 trillion (4.07 percent) and Rp 33.15 trillion (3.4 percent), respectively.

“Most of the declared and repatriated assets come from Singapore,” tax office head Ken Dwijugasteadi said in Jakarta on Monday.

Repatriated assets from Singapore reached Rp 79.13 trillion, or 57.71 percent of total repatriated assets.

The Cayman Islands and Hong Kong followed with Rp 16.5 trillion and Rp 14.05 trillion respectively, equaling 12.04 percent and 10.25 percent of total repatriated assets.

China and the Virgin Islands recorded Rp 3.56 trillion (2.6 percent) and Rp 2.49 trillion (1.82 percent) in repatriated assets, respectively. (ags)

IMAGE: Singapore’s financial district. (Shutterstock/File)

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