Indonesia, Singapore to Exchange Financial Data in September
TEMPO.CO, Jakarta – Directorate General of Tax stated that financial data exchange and Automatic Exchange of Information (AEOI) for taxation purposes with Singapore will begin in September 2018. “We will begin information exchange with Singapore in September 2018,” said international taxation director at the tax DG John Hutagaol in Jakarta on Friday, Feb. 23.
John admitted that the government is currently preparing regulation for human resources and technological infrastructure. Singapore is ready to share Indonesian citizens’ financial information to Indonesian government as part of the implementation of AEOI for taxation purposes.
Not only with Indonesia, Singapore will also exchange information with countries signing Multilateral Competent Authority Agreement (MCAA) regarding AEOI in the Netherlands in June 2017.
Reciprocal exchange of financial information can commence after both jurisdictions introduce regulations required to implement Common Reporting Standard (CRS) and to maintain confidentiality and protection for the data exchanged.
“By signing MCAA, it means Singapore is automatically ready to exchange information with Indonesia,” he continued.
In addition to Singapura, John explained that Indonesia will also do the same thing with 101 other jurisdictions, including countries of tax haven. “We will also exchange information with Japan, Hong Kong, Belgia and many more,” he added.