Kuta, Bali. Bank Indonesia, the
country's central bank, expects Indonesia to post $15 billion surplus in its
balance of payment by the end of this year, from a $1.1 billion deficit last
year, thanks to a late surge of repatriated assets under the tax amnesty
program.
Participants of the amnesty program
— which foregoes all back taxes in exchange for declaration of hidden assets
and a small fees — has so far committed to bringin in Rp 143 trillion ($11
billion) of assets hidden offshore.
Juda Agung, Bank Indonesia's
executive director of economic and monetary policy, said that some of the amount
has been repatriated in September and about Rp 100 trillion would come in
December.
Indonesia has posted a surplus in
balance of payment in two consecutive quarters, with $5.7 billion excess in the
July-September period, and a $2.2 billion surplus in April-June. It was a 287
million deficit in first quarter.
Juda said the excess was down to
the country managing to narrow deficit in its current account and growing
surplus in capital account.
Indonesia's current account deficit
— the broadest record of a country’s trade in international goods and services,
as well as in remittances and its investment income — decreased to $4.5
billion, equal to 1.8 percent of its gross domestic product (GDP) in
July-September, from $4.7 billion in earlier quarter.
Meanwhile, capital and financial
transactions posted a surplus of $9.4 billion in the third quarter, increased
from $7.6 billion in the second quarter as investment to keep coming in on the
back of the positive prospect in domestic market and easing global risk, Bank
Indonesia said in a report.
REFERENCE:
http://jakartaglobe.id/economy/late-repatriation-tax-amnesty-boost-bop-surplus-15b-year-end-bi/
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