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Minimal impact from Indonesia’s tax amnesty on Singapore banks so far

Gwyneth Yeo
Gwyneth Yeo10/5/2016 04:43 PM GMT+08  • 2 min read
Minimal impact from Indonesia’s tax amnesty on Singapore banks so far
SINGAPORE (Oct 5): When Indonesia announced a tax amnesty in July to offer lower penalties to tax evaders, market watchers here expected Singapore banks to begin seeing large outflows in their assets under management.
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SINGAPORE (Oct 5): When Indonesia announced a tax amnesty in July to offer lower penalties to tax evaders, market watchers here expected Singapore banks to begin seeing large outflows in their assets under management.

But so far, only 12%, or IDR79 trillion ($8.3 billion), of the total declared amount held in Singapore has been repatriated in the first phase of the nine-month amnesty to Sept, according to Leng Seng Choon, analyst at RHB Research.

In fact, Leng noted that the repatriated amount accounted for just 2.6% of the total AUM of $321 billion among the three Singapore banks.

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