Indonesia starts implementation of tax amnesty: tax official

Reuters

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A general view of the headquarters of Indonesia's tax office in Jakarta May 26, 2016. A general view of the headquarters of Indonesia's tax office in Jakarta May 26, 2016.

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The Indonesian government will start the implementation of its tax amnesty program on Monday, more than two weeks after parliament passed the law in an effort to bring home funds stashed abroad, a tax official said.
The country's finance minister will hold a press briefing later Monday, the official, who declined to be named, told Reuters on Monday.
The government will impose a 2-5 percent tax for assets repatriated by March 2017. Those assets must be kept in Indonesia for three years in funds managed by appointed banks, and can be invested in several ways, including government bonds.
The government has named the four state banks and three private banks as managers for the fund, according to president director of Bank Central Asia, one of the appointed banks.

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