Indonesia receives financial information from 58 countries

Jakarta, (ANTARA News) - Indonesia has received financial information from 58 countries adopting the Automatic Exchange of Information (AEoI) system mainly on exchange of data of bank clients for taxation interest.

Indonesia, which has also joined the system , already sent reports containing financial information to 51 countries under the cooperation system.

Altogether there are 1,809 reports of financial information collected from domestic financial service institutions including banks, stock exchange, and insurance through the Foreign Client Information Reporting System of the Financial Service Authority (SiPINA OJK).

"The 1,809 reports were sent by September 30, 2018. We sent all information about foreign clients in Indonesia to 51 countries such as Singapore. Earlier or before Sept 30, we received reports about Indonesian clients from 58 countries including Singapore," Director of Potency, Compliance and Revenues of the Taxation Directorate General Yon Arsal told reporters here on Wednesday .

Based on data at the Taxation Directorate General, by Oct 1. 2018 , there were 5,870 registered financial Institutions including 5,637 reporting financial institutions and 233 non reporting financial institutions.

"After the issuance of Presidential Regulation No 17, we adopts AEoI this year starting by obliging all financial institutions to registered at the Taxation Directorate General. Here there are 5,870 financial institutions including 5,637 required to report and 233 non reporting institutions," Yon said.

The Indonesian Government is committed to improving the countrys taxation system by joining member countries adopting AEOI. There are two batches of countries joining AEoI - those, which have been active exchange taxation data in 2017 and those beginning in 2018.

Based on data from the Website of the Organization for Economic Cooperation and Development (OECD), there is a list of 50 countries in the first batch including Anguilla, Argentina, Belgium, Bermuda, British Virgin Islands, Bulgaria, Cayman Islands, Colombia, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Faeroe Islands, Finland, France, Germany, Gibraltar, Greece, Greenland, Guernsey, Hungary, Island, India, Ireland, Isle of Man, Italia, Jersey, Korea, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Montserrat, the Netherlands, Norway, Poland, Portugal, Romania, San Marino, Seychelles, Republic of Slovakia, Slovenia, South Africa, Spain, Sweden, Turkey, and Caicos Islands, the UK.

Source: ANTARA News

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