TEMPO.CO, Jakarta - The Financial Services Authority (OJK) is preparing the technical rules to accelerate the absorption of funds repatriated using the tax amnesty program. The OJK will also shorten the issuance time for investment instruments by half.
"The OJK will speed up the process when there are issuance requests for bonds, stocks, or asset-backed securities," Coordinating Minister for Economic Affairs Darmin Nasution said on Monday, July 25, 2016.
The OJK is forming a special team to accelerate the absorption of investment funds from the tax amnesty program. The team will be tasked to cut the bureaucratic chains of licensing processes, in a bid to further motivate investors to bring home their assets.
"For example, the official rights offering period is 45 days—but we can cut it down to just three weeks," Nasution said.
The government estimates that Indonesians have some Rp4,300 trillion worth of assets placed in tax havens. With the tax amnesty program, government is targeting Rp1,000 trillion of those assets can return to Indonesia.