John Hutagaol, a tax expert of Indonesia’s Finance Ministry, said the Indonesian Government is preparing regulations, infrastructure, as well as human resources for the implementation of the agreement.
On the other hand, Singapore will automatically share financial information on Indonesian nationals once the AEOI is implemented, he said.
Not only with Indonesia, Singapore will also exchange information with other signatory countries of the Multilateral Competent Authority Agreement (MCAA) on AEOI with the Netherlands which had signed an agreement in June last year.
The agreement is part of efforts to establish a standard and efficient scheme to facilitate the implementation of the automatic exchange of information.
The information exchange will be started when the two parties have introduced their own terms and regulations on the implementation of the Common Reporting Standard (CRS), as well as the data privacy and protection.
By signing the MCAA, automatically Singapore is ready to exchange information with Indonesia, and the Indonesian Government will also exchange financial information with 101 countries and territories.
As a new global standard, the automatic exchange of information will trim the possibility of money laundering, as well as tax evasion. - VNA