Indonesia Authority Reveals $20 Billion of Suspicious Transactions at Ministry of Finance Involving 460 People Mainly from Tax & Customs Agencies from 2009 to 2023, Minister of Finance & Former World Bank Managing Director Sri Mulyani Indrawati Faced Calls to Resign
11th March 2023 | Hong Kong
Indonesia authority has revealed $20 billion of suspicious transactions at Indonesia Ministry of Finance involving 460 people mainly from tax & customs agencies from 2009 to 2023 (14 years), with Indonesia Minister of Finance & former World Bank Managing Director Sri Mulyani Indrawati facing calls to resign. Sri Mulyani Indrawati is Indonesia Minister of Finance since 2016, and was appointed Executive Director at the International Monetary Fund from 2002 to 2004 and the Managing Director & Chief Operating Officer of the World Bank in 2010. In 2022, Indonesia’s 2nd tax amnesty program (6 months) for Indonesian citizens & companies to declare hidden assets had earned the tax authorities $4 billion in tax revenue from $40 billion of assets by 247,918 taxpayers. The first tax amnesty program was in 2016 to 2017 (9 months), with $300 billion of assets declared and $9 billion of tax collected. With the 2 tax amnesty programs by Indonesia government, a total of $340 billion of assets had been declared and $13 billion of tax collected. More info below.
“ Indonesia Authority Reveals $20 Billion of Suspicious Transactions at Ministry of Finance Involving 460 People Mainly from Tax & Customs Agencies from 2009 to 2023, Minister of Finance & Former World Bank Managing Director Sri Mulyani Indrawati Faced Calls to Resign “
Sri Mulyani Indrawati, Indonesia Minister of Finance (Since 2016)
Born in Tanjung Karang, Lampung, Indonesia on August 26, 1962, Sri Mulyani Indrawati earned her bachelor’s degree in Economics from University of Indonesia (1986). She then continued her studies in University of Illinois at Urbana-Champaign, United States and earned her Ph.D. in Economics (1992). As a specialist in public finance, fiscal policy and labor economics, she was chosen as the Executive Director at the International Monetary Fund from 2002 to 2004. In October 2004, she received her first cabinet appointment as Indonesia’s Minister of Development Planning. In December 2005, she started new post as the Minister of Finance. She was then appointed as the Managing Director and Chief Operating Officer of the World Bank in June 2010.
In July 2016, she came back to Indonesian public service as Minister of Finance. In February 2018, she was awarded as the “Best Minister in the World” at the World Government Summit in Dubai. On October 23, 2019, Sri Mulyani Indrawati was reappointed as Minister of Finance in the second term cabinet of President Joko Widodo. In October 2020, she received an award from the Global Markets magazine as the Finance Minister of the Year for East Asia Pacific in recognition of her efforts in handling COVID-19 pandemic in Indonesia. (Source: World Bank)
Indonesia 2nd Tax Amnesty Program: $4 Billion Tax on $40 Billion Assets Declared, Total $13 Billion Tax on $340 Billion Assets Representing 32% of Indonesia $1.05 Trillion GDP
7th July 2022 – Indonesia’s 2nd tax amnesty program (6 months) for Indonesian citizens & companies to declare hidden assets has earned the tax authorities $4 billion in tax revenue from $40 billion of assets by 247,918 taxpayers. The first tax amnesty program was in 2016 to 2017 (9 months), with $300 billion of assets declared and $9 billion of tax collected. With the 2 tax amnesty programs by Indonesia government, a total of $340 billion of assets had been declared and $13 billion of tax collected. The $340 billion assets declared represents around 32% of Indonesia’s GDP ($1.05 trillion). Indonesia Finance Minister Sri Mulyani Indrawati: ”We’re not going to hold another tax amnesty. All the data that we got from this programme will become our baseline to do enforcements.” According to Business Times Singapore:”8,000 participants declared S$5.3 billion of assets in Singapore.”
Indonesia 2nd Tax Amnesty Program: $4 Billion Tax on $40 Billion Assets Declared
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