Bank agency tackles scandal

Article Abstract:

The Indonesian Bank Restructuring Agency (IBRA) has confirmed that some $80 million has been improperly transferred from a bank the agency nationalized in Jul 1999. According to IBRA, the transfer of funds from PT Bank Bali was detected after the agency took over the bank. It also says that part of the money may have been sent to PT Era Giat Prima, a finance company led by Golkar politician Setya Novanto. While IBRA investigators have yet to prove that any of the $80 million may have been diverted for political purposes, the financial scandal has badly affected IBRA's credibility.

Commercial Banks, Commercial Banking, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Police Protection, Indonesia, Banking Regulation, Fraud, Banking industry, Finance, Powers and duties, Banking law, Indonesia. Bank Restructuring Agency, Bank Bali P.T.

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Suharto imposes wealth tax

Article Abstract:

Indonesian Pres. Suharto has issued a decree imposing a mandatory 2% surcharge on after-tax profits and incomes of company and individual taxpayers to help support poor families. Presidential decree No. 92/1996, which seeks to bridge the gap between the rich and the poor, took effect on Dec. 4, 1996 without formal announcement or media coverage. The Jul. 27, 1996 riots in Jakarta indicated the lower classes' growing frustration over the monopoly of wealth by a few groups.

Tax Law, Suharto, Income tax, Tax policy

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Newspaper fines draw fire

Article Abstract:

President Kim Dae Jung and the South Korean government are cracking down on the media by levying 505.6 billion won in tax evasion fines and starting criminal proceedings against six newspapers. Many South Koreans believe that Kim is stifling the press to silence those who oppose him politically.

South Korea, Newspapers, Newspaper Publishers, Taxes, Tax Evasion & Penalties, Taxation, Political activity, Newspaper publishing, Freedom of the press, Tax evasion, Kim Dae Jung, Tax penalties, Civil rights

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