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Economy

Indonesia tax amnesty targets foreign assets of well-off

Indonesia’s House of Representatives passed the tax amnesty bill into law Tuesday after three months of deliberations.

JAKARTA -- Much-anticipated tax amnesty legislation passed Tuesday paves the way for the government to finance its infrastructure push by taxing funds stashed overseas by affluent Indonesians.

The law frees tax evaders from past tax debts, as well as related fines and sanctions, as long as they voluntarily report or repatriate undeclared assets abroad by the deadline of March 31, 2017.

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