Indonesia: Singapore ready to exchange financial data with Indonesia: Minister – 14 Jul 2017

  • Indonesias finance minister Sri Mulyani said here on 13 Jul 17 that Singapore was ready to provide information about the financial data of Indonesian citizens as part of the implementation of Automatic Exchange of Information (AEOI) program for tax purposes.
  • “Singapore has stated that Indonesia has been considered as being eligible and included in their Multilateral Competent Authority Agreement (MCAA), meaning the AEOI agreement can automatically be carried out according to its timeline,” she said.
  • In order to prepare for the information exchange, Indonesia will conduct improvement with regard to primary legislation issuance, information technology, data security, and business process renewal to match with the Common Reporting Standard.
  • On the sidelines of the Indonesia-IMF joint conference on 13 Jul 17, Sri Mulyani met Singapore’s minister of law and finance, Indranee Rajah, to discuss a number of issues.
  • Besides the implementation of AEOI, they also discussed revision of double taxation agreement for Singapore investors and Singapore’s offer as an international banking hub for Indonesias infrastructure projects.
  • The commitment is a form of agreement to provide standardization and efficiency scheme to facilitate for AEOI. Hence, bilateral agreement need not always be done.
  • The reciprocal exchange of information will be started after the two jurisdictions
  • Confidentiality and protection of financial data being exchanged are international prerequisites set by Global Forum on Transparency and Exchange of Information for tax purposes.

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