tax amnesty tagged posts

Indonesia May Soon Launch Tax Amnesty

June 29, 2016 Taxation in Indonesia

Indonesian rupiahJAKARTA – Indonesia is taking steps to launch a new tax amnesty program.

On June 28th a Commission of the House of Representatives of Indonesia approved a new tax amnesty program, which will be put to vote in Parliament the following day.

Under the tax amnesty program, any taxpayers coming forward to declare any previously undeclared assets held in Indonesia will be levied at a rate of only 2 percent over the first three months of the program, to be raised to 3 percent over the following three months, and 5 percent over the following three months.

Overseas assets which are declared will face a penalty of 4 percent over the first three months, 6 percent over the next three months, and 10 percent over the last three months.

If ratified on June 29th, the tax amnesty will come into effect in...

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Indonesia’s Tax Amnesty Targets INR 11.4 Quadrillion of Offshore Funds

April 6, 2016 Taxation in Indonesia

Indonesian rupiahJAKARTA – The government of Indonesia is hoping that a new tax amnesty will help bring in a level of undeclared funds equivalent to the national GDP.

In a seminar held on April 5th the Finance Minister of Indonesia Bambang Brodjonegoro claimed that national tax authorities have detailed information regarding at least INR 11.4 quadrillion stored by local taxpayers in undeclared offshore bank accounts.

The amount of money reputed to be hidden in offshore accounts is approximately equivalent to the total annual GDP of the country.

The Finance Minister explained that the data regarding the undeclared funds was collected by the national tax authority through data leaks and information sharing with tax authorities in other countries.

Bambang Brodjonegoro noted that the offshore funds are now b...

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Italy’s Tax Amnesty Proves Successful

December 10, 2015 Taxation in Italy

ROME – Italy’s latest tax amnesty is paying dividends, and is expected to bring in billions in recovered taxes, penalties, and interest.

Earlier this week the tax authority of Italy announced that the recently concluded tax amnesty programme will bring in over EUR 4 billion in revenues.

The tax amnesty which was launched last year was concluded on November 30th, attracting 130 000 declarations with a value of EUR 59.5 billion over that time.

The program was intended to encourage disclosure of funds previously hidden overseas, in exchange for partial protection from prosecution and a reduction in the penalties charged for non-compliance.

The amount of unpaid taxes to be recovered from the hidden funds is expected to be approximately EUR 3...

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Australia Launches Disclosure Program

March 28, 2014 Taxation in Australia

Tax in AustraliaCANBERRA – The tax authorities of Australia are offering significant reductions in penalties and fees to any taxpayer coming forward by the end of the year with information on their unpaid taxes and offshore incomes.

On March 27th the Australian Tax Office launched Project DO IT, a new voluntary disclosure program aimed at enticing taxpayers to come forward and disclose information about any assets or incomes hidden offshore, in exchange for reduced fees and some protection from prosecution.

Under the conditions of the new program, any individual, corporate entity, or trust coming forward prior to December 14th 2014 with information about their previously undisclosed incomes or assets, will face a penalty of only 10 percent of the taxes owing, compared to the standard rate of 90 percent, ...

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Tax Amnesty a Success in Netherlands

November 15, 2013 Taxation In EuropeTaxation in Netherlands

Dutch FlagAMSTERDAM – Taxpayers in the Netherlands have come forward in droves to square off their tax affairs via a tax amnesty before the government significantly hikes the fees and penalties for tax evasion and other illicit activities.

The tax amnesty program currently being run by the government of the Netherlands has already proven to be a success, with more than 500 taxpayers coming forward to disclose information about undeclared offshore incomes and assets, according to a statement issued late last week by the national Ministry of Finance.

Since 2009 the government has offered beneficial terms to taxpayers who come forward to willingly provide information about their hidden financial affairs, but, in September this year the terms of the program were eased, allowing taxpayers to disclose inf...

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