Banking information access regulation sent to House
The Jakarta Post
The government has sent regulation in lieu of law (Perppu) No. 1/2017 on financial information access for taxation purposes to the House of Representatives to be looked at by lawmakers and representatives of the government.
President Joko "Jokowi" Widodo said on Wednesday at the State Palace that the issuance of the Perppu was part of his administration's commitment to adapting to a globalized world.
"I've already conveyed the message many times that in 2018 everything will be open," Jokowi said, referring to Indonesia's decision to comply with the global Automatic Exchange of Information (AEOI) agreement, which was initiated by the Organization for Economic Cooperation and Development (OECD).
(Read also: Government issues regulation to end bank secrecy)
Indonesia is not a member of the OECD but the government intends to join the AEOI movement to exchange information, including on bank accounts in the country, the President said.
Under the Perppu, the Directorate General of Taxation is allowed to access bank accounts without a permit from either the Finance Ministry or Bank Indonesia governor. It allows officials of tax offices to directly access bank accounts owned by both Indonesian citizens and foreigners.
Before the Perppu was released, the Directorate General of Taxation was required to get a permit from both institutions before accessing bank accounts.
Cabinet Secretary Pramono Anung said that Finance Minister Sri Mulyani Indrawati would make an official statement regarding the Perppu after returning from Jeddah, Saudi Arabia, the location of the Islamic Development Bank annual meeting. (bbn)
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