Singapore's wealth management industry is likely to suffer a bad dent as rich Indonesians move some money back home to take advantage of a tax amnesty, but the exodus of funds isn't going to be as big as Jakarta is predicting. Around $200 billion of Indonesian money that may not have been declared to the tax authorities in Jakarta has been squirreled away in Singapore, according to private banking sources. Consultants, lawyers and bankers closely involved with the industry expect roughly $30 billion to go to Indonesia under the amnesty, which was launched last week and allows all past evasion sins to be forgiven upon the payment of up to 5 percent tax on the money.
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- The Wall Street Journal•5 days ago
Singapore said Thursday that a wide-ranging money-laundering investigation into fund flows connected with Malaysian state investment fund 1MDB found lapses at local units of DBS, Standard Chartered and ...
|Bid||614.40 x 30000|
|Ask||614.50 x 134600|
|52wk Range||373.40 - 965.12|
|Day's Range||610.80 - 618.10|
|Avg Vol (3m)||9,330,570|
As of 4:15 AM EDT. LSE Delayed Price. Market open.