More Wealthy Indonesians Join Tax-Amnesty Program Involving Offshore Funds -- Market Talk
15 September 2016, 06:16
0615 GMT [Dow Jones] After a slow start, Indonesia's new tax-amnesty program appears to be gaining traction as a number of high-profile wealthy Indonesians have decided to participate. The latest is Hutomo "Tommy" Mandala Putra, the youngest son of the late dictator Suharto, who Thursday applied for amnesty and pledged that he would repatriate offshore funds to Indonesia. However, he declined to reveal the amount. Mr. Hutomo, whose interests are primarily in property and marine transportation, followed other businessmen, including James Riady, Eric Tohir and Boy Tohir, in filing for tax amnesty. President Joko Widodo introduced the program in July to encourage rich Indonesians to repatriate assets and in the short-term to help increase revenue from tax collection. It is scheduled to run until the end of March 2017. (i-made.sentana@wsj.com)
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September 15, 2016 02:16 ET (06:16 GMT)
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