Illustrative image (Source: VNA)Jakarta (VNA) – Indonesia and Singapore willbegin to implement the Automatic Exchange of Information (AEOI) agreement inSeptember 2018, according to Indonesia’s Antara news agency.
John Hutagaol, a tax expert of Indonesia’s Finance Ministry,said the Indonesian Government is preparing regulations, infrastructure, aswell as human resources for the implementation of the agreement.
On the other hand, Singapore will automatically share financialinformation on Indonesian nationals once the AEOI is implemented, he said.
Not only with Indonesia, Singapore will also exchangeinformation with other signatory countries of the Multilateral CompetentAuthority Agreement (MCAA) on AEOI with the Netherlands which had signed anagreement in June last year.
The agreement is part of efforts to establish a standard andefficient scheme to facilitate the implementation of the automatic exchange ofinformation.
The information exchange will be started when the twoparties have introduced their own terms and regulations on the implementationof the Common Reporting Standard (CRS), as well as the data privacy andprotection.
By signing the MCAA, automatically Singapore is ready toexchange information with Indonesia, and the Indonesian Government will alsoexchange financial information with 101 countries and territories.
As a new global standard, the automatic exchange ofinformation will trim the possibility of money laundering, as well as taxevasion. - VNA
VNA
