In terms of asset declarations, the Indonesian Government’s tax amnesty program (which runs until the end of March 2017) has been a success. In terms of asset repatriation from abroad, however, the program has been disappointing. That said, plenty of banks’ big clients have declared their hidden assets under this program. And so there is less need for banks to keep clients’ data secret from Indonesian tax authority. This may change banking information culture. After decades of the “banking information secrecy” in Indonesia, local banks may now be more willing to share clients’ financial information to tax authorities.
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