JAKARTA. Finance Minister Sri Mulyani Indrawati says she will issue a regulation for additional time of the administrative process in the first phase of tax amnesty program.

"To clarify, I will provide a ministerial regulation [PMK]. The most important is, it is in line with the spirit of the law, [tax amnesty participants] declare and pay the redemptions. Other requirements can follow," Sri Mulyani said after a meeting with various businesspeople at the State Palace on Thursday.

However, she pointed out the government would not extend the first phase, which offered the biggest penalty discount, but only would give additional time for taxpayers to iron out their administration requirements by the end of December.

According to the 2016 Tax Amnesty Law, in the first period of the program, participating taxpayers who repatriate and declare their assets will get a redemption rate of between 2 and 4 percent, respectively. The redemption rate increases in the following periods. (Ayomi Amindoni)

Editor: Barratut Taqiyyah Rafie