TheJakartaPost

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post

House ready to approve financial disclosure regulation

Anton Hermansyah (The Jakarta Post)
Jakarta
Tue, July 25, 2017

Share This Article

Change Size

House ready to approve financial disclosure regulation Director General of Taxation Ken Dwijugiasteadi (right) and House of Representatives Commission XI member Muhammad Sarmuji speak during a discussion on Government Regulation in Lieu of Law (Perppu) No. 1/2017 on financial information access for taxation purposes in Jakarta on July 23. (Antara/ Aprillio Akbar )

H

ouse of Representatives Commission XI on financial affairs has finished the discussion on the Government Regulation in Lieu of Law (Perppu) No. 1/2017 on financial information and ready to endorse it.

The Perppu is a legal basis for the government to take part in the Automatic Exchange of Information (AEOI) initiated by the Organization for Economic Cooperation and Development (OECD).

Nine of the 10 factions on Commission XI approved the regulation, while the Gerindra Party demanded that a new law be created.

Most of the factions gave notes regarding the limit on the balance of bank accounts that can be accessed by tax officials. Currently, the Directorate General of Taxation has set the limit at Rp 1 billion (US$75,058).

Read also: Taxmen rely on new bank secrecy rule to boost collection

The Golkar Party, the Indonesian Democratic Party of Struggle (PDI-P) and the National Mandate Party PAN for example, demanded the government increase the limit to Rp 3.3 billion, similar to the limit in other countries.

Meanwhile, the Prosperous Justice Party (PKS) underlined the importance of tougher punishment for tax officials who wrongly disclosed a person's financial details. According to the regulation, punishment for those who leak information is one year in jail, while the punishment for those leaking details of tax amnesty participants is five years.

In response, Finance Minister Sri Mulyani said the government would propose the OECD standards of confidentiality, while punishment and the bank account balance limit would be discussed in future meetings. (bbn)

{

Your Opinion Matters

Share your experiences, suggestions, and any issues you've encountered on The Jakarta Post. We're here to listen.

Enter at least 30 characters
0 / 30

Thank You

Thank you for sharing your thoughts. We appreciate your feedback.