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Jakarta Post

Banking transparency regulation to be submitted to Jokowi next week

News Desk (The Jakarta Post)
Jakarta
Wed, April 5, 2017

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Banking transparency regulation to be submitted to Jokowi next week Coordinating Economic Minister Darmin Nasution (JP/Anton Hermansyah)

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oordinating Economic Minister Darmin Nasution has said the draft of a regulation in lieu of law (Perppu) concerning banking transparency will be submitted to President Joko “Jokowi” Widodo next week.

One of the aspects of the regulation considered urgent is a provision that would allow the tax authority to access taxpayers’ bank data.

“We are in the process of finishing the draft. It will be completed on Monday [April 10],” said Darmin as reported by kompas.com on Wednesday.

However, he declined to comment further on whether the President would immediately approve the Perppu, stressing that it was the right of the President to make that decision.

Meanwhile, Finance Minister Sri Mulyani Indrawati said the government would continue to communicate with the House of Representatives to enforce the regulation although it would be in the form of a Perppu.

The regulation, which the government needs to override banking secrecy provisions in the Banking Law, will help the government comply with the Automatic Exchange of Information (AEOI) program, which has become a global movement. It is also needed by tax offices to deal with tax evasion.

The government chose to issue a Perppu to allow the banking transparency provisions to be quickly enforced. (bbn)

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