Singapore Has Rp2,600tn of Indonesians` Assets
TEMPO.CO Tuesday 20 September, 2016
JAKARTA – Finance Minister Sri Mulyani said that the total amount of Indonesians’ assets parked in Singapore stands at Rp2,600 trillion (US$200 billion), accounting for 80 percent of the total Indonesians’ assets parked overseas.
“A study conducted by an international consultant reveals that of US$250 billion of Indonesians’ assets parked overseas, about US$200 billion is parked in Singapore,” Sri Mulyani said during a judicial review of Law No. 11/2016 on Tax Amnesty at the Constitutional Court in Jakarta on Tuesday, September 20, 2016.
Of the total assets parked in Singapore, Sri revealed that the Rp650 trillion (US$50 billion) was non-investable assets. She added that the position of financial assets in foreign countries stood at Rp2,800 trillion (US$215.3 billion) in the first quarter of 2016, based on data from Bank Indonesia (BI).
During the judicial review of the tax amnesty law, Sri Mulyani, who represented the government, rejected the judicial review request and declared that the request had no legal basis. She claimed that the Constitutional Court had set five cumulative requirements to file a judicial review against a law. However, the requesters were able to meet only one requirement.
“The requester [of the judicial review] only managed to meet one requirement, namely having a constitutional right to be treated equally before the law. Meanwhile, four other requirements have not been met,” Sri said.
The next hearing has been scheduled on Wednesday, September 28, 2016, in which the requesters will present their expert witness.