Singapore won't probe Indonesians joining Jakarta’s tax amnesty

Amnesty participation is protected by city-state laws.

Indonesians declaring assets in Singapore banks can now have peace of mind as the Ministry of Finance guaranteed their participation in Jakarta’s tax amnesty will not incriminate them of tax evasion.

A Reuters report revealed that the Monetary Authority of Singapore said the participation in an amnesty in and of itself would not attract criminal investigation in Singapore. It noted that the anticipated filing of a suspicious transaction report (STR) by local banks should not discourage clients from ironing out their documents.

Some taxpayers became worried their participation in the amnesty to clear up their tax records could be viewed as money laundering by Singapore authorities.

"Under tax amnesty rules, an Indonesian who owns an account in Singapore and wants to join the amnesty should not be considered as suspicious... There is no reason to be afraid. Joining the tax amnesty is a good action, it is legal and protected by law," said Finance Minister Sri Mulyani Indrawati.

Read the full report here.

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