Tax office opens AEOI registration for banks, ensures data privacy
The Finance Ministry’s directorate general of taxation has called on all financial institutions to register with the tax office to begin the process of reporting customers’ data in accordance with the Automatic Exchange of Information (AEOI) program.
Taxation directorate general spokesman Hestu Yoga Saksama said on Wednesday in Jakarta that the tax office would ensure the confidentiality of customers’ data in the implementation of the AEOI.
“The data will be used only for taxation purposes, and will not be leaked,” Hestu said as quoted by tempo.co on Thursday.
The registration process is regulated in Director General of Taxation Regulation No. PER-04/PJ/2018 on the registration procedure and automatic reporting of financial information for financial institutions.
“All financial institutions covered by the regulatory provisions must register,” said Hestu, adding that the registration process would be completed by the end of this month.
He said the tax office had formally disseminated the regulation among all stakeholders in the finance industry, including regulators such as Bank Indonesia, the Financial Services Authority (OJK), the Cooperatives and Small and Medium Enterprises Ministry, the Commodity Stock Supervision Agency and the Insurance Deposit Institution.
The tax office also called on other financial industry actors to register, such as the Indonesia Stock Exchange, the Indonesian Central Securities Depository, the National Banking Association, the Foreign Banks Association of Indonesia, the Association of Regional Development Banks and the Indonesia Microfinance Association.
Hestu said the registration would be carried out electronically, and that the tax office would issue an e-form next week for financial institutions to complete.
After registering, the financial institutions would be required to report their customers’ account information, Hestu said, adding that the reports should be submitted no later than Aug. 1. (bbn)