The Finance Ministry’s Directorate General of Taxation can take a closer look at your bank accounts starting later this month, in line with the implementation of global standards set out in the Automatic Exchange of Information (AEOI) through the Common Transmission System (CTS).

Tax office spokesman Hestu Yoga Saksama said the AEOI was regulated in Law No. 9/2017 on the exchange of customer data, which, according to the tax office, could increase state revenue from individual income tax under articles 25 and 29.

“It is also an instrument to improve taxpayer compliance. With the implementation of the AEOI, we will obtain data on the assets of Indonesian taxpayers abroad,” Hestu said in Jakarta recently, as quoted by kontan.co.id.

He added the tax office would begin to assess taxpayers’ compliance as soon as it obtained data through the AEOI mechanism. He explained that the office would check whether the taxpayers’ assets abroad had been included in annual tax returns (SPT).

“If taxpayers have not included their assets/income in their SPT, we will require them to do so,” he added.

According to the Organization for Economic Co-operation and Development (OECD), 102 countries are committed to the AEOI mechanism. (bbn)