Tax Amnesty Windfall Brightens Indonesia’s S&P Upgrade Odds

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After netting more than $10 billion in revenue from its tax amnesty program, Indonesia may be a step closer to winning a much-coveted investment grade from S&P Global Ratings.

The nine-month amnesty drive, which ended on Friday, led citizens to declare 4,866 trillion rupiah ($365 billion) of assets hidden from tax authorities. The success may help Southeast Asia’s largest economy win an upgrade from S&P, according to Oversea-Chinese Banking Corp. and DBS Group Holdings Ltd. An investment grade would boost the country’s appeal among conservative Japanese institutional investors, potentially boosting inflows by $3 billion to $5 billion over the next year, Goldman Sachs Group Inc. estimated in March.

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