A government regulation that gives tax authorities access to information on accounts held at financial institutions was passed into law on Thursday (27/07). (Antara Photo/Irfan Anshori)
House Passes Law Giving Tax Office Access to Financial Data
BY :HIDAYAT SETIAJI
JULY 27, 2017
Jakarta. The House of Representatives on Thursday (27/07) passed into law a government regulation that gives tax authorities access to information on accounts held at financial institutions, including banks, Deputy Speaker Agus Hermanto said.
President Joko "Jokowi" Widodo signed the regulation in May but parliamentary approval was needed to turn it into law.
The law requires banks, insurance companies and other financial institutions to report client information to Indonesia's tax office.
The tax office then has to share the information with authorities in other countries as part of an international initiative of Automatic Exchange of Information led by the Organization for Economic Cooperation and Development (OECD).