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Resilience Market Amid Positive Tax Amnesty Progress

By administrator | October 3, 2016 | Economy.

Indonesia government bonds market remains resilient in the last few weeks with the 10y benchmark stood steady at 6.98%, relatively unchanged from the last week trading. Foreign inflows still keeps flowing with their month to date (as per 28 Sept 2016) net buy amounted to IDR10.5trn, higher than IDR9trn net buy registered in August. The tax amnesty is one the main catalyst that had driven foreign investors to remain invested given current government’s tax amnesty flagship continue to show positive progress. The TA has colored all media highlight recently as it has been dazzling all market participant given the revenue collected and declared asset nearly reach the government target.

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As per Friday (30/09), government has received IDR95trn from penalty rate or more than half of its target of IDR165trn. The declared asset amounted to IDR3,240trn, or 81% of the target. One thing the government will need to work harder is to increase the willingness of tax payer to bring their declared asset home given the fact that repatriated fund still only reached IDR133trn, or still 13% of its target of IDR1,000trn. However, recent figures have made Indonesia’s tax amnesty as the most successful tax amnesty globally like Italy in 2009 and and Chile in 2015 those only able to collect additional revenue of IDR59trn and IDR19.7trn respectively, according to data compiled by CITA.

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