Indonesia Must Signal Tax Amnesty Won’t Be Repeated, OECD Says
- New global rules to be used to find undeclared assets
- Amnesty has already uncovered $296b in undeclared assets
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Indonesia’s government must make it clear to errant taxpayers that an amnesty program, which has revealed almost $300 billion in undeclared assets, is the last chance to fix their affairs before full penalties are applied, the Organisation for Economic Cooperation and Development said.
“Authorities must communicate clearly that this offer will not be repeated,” the OECD said in a report on Indonesia’s economy released Monday in Jakarta. The amnesty was well-timed, the OECD said, as it comes within two years that global rules will be adopted to allow countries to exchange information to reduce the risk of tax evasion.