Indonesia Plans to Open completely new Tax Haven Areas

After grappling using a shortfall in tax revenues, Indonesia is actually right now exploring the possibilities of setting up tax havens with hopes of bringing funds back into the country.  

On Sunday, Coordinating Maritime Minister Luhut Panjaitan revealed of which Indonesia is actually in its ‘early stage’ of developing plans to set up tax havens in order to attract more money to fund infrastructure projects.

The islands of Bintan as well as also also Rempang are reportedly considered to be tax haven areas where both local as well as also also foreign businesses are welcome to build shell companies under lower tax rates in order to retain their offshore investment.

Further, the government wishes to bring back billions of dollars through an amnesty programme, which according to the central bank could lure approximately Rp.560 trillion cached overseas. The amnesty programme was planned by President Joko Widodo to stimulate economic growth by allowing individuals involved to invest in assets like gold, property as well as also also some other related infrastructure projects.

“of which is actually actually a Great idea for Indonesia, particularly with the tax amnesty programme already underway,” Minister Panjaitan said as reported by The Jakarta Globe. 

Regardless, Panjaitan admits of which the government still needs to consider the technical aspect of of which plan.

the item is actually possible of which the country could have to face even more pressure on rupiah, domestic asset demand as well as also also prices, according to Singapore-based senior economist Edward Teather.

 

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Indonesia Plans to Open completely new Tax Haven Areas

Indonesia ExpatAug 15, 2016News, Top ReadsComments Off on Indonesia Plans to Open completely new Tax Haven Areas

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Indonesia Plans to Open completely new Tax Haven Areas