Technical Instructions regarding Access to Financial Information for Tax Purposes
- March 9, 2018
- Posted by: Administrator
- Category: Consultant, Info 1, Info 2
The Minister of Finance has issued regulation No. 19/PMK.03/2018, which is the second amendment of Regulation No. 70/PMK.03/2018 regarding Technical Instructions for Access to Financial Information for Tax Purposes.
The changes in this regulation are as follows:
- Reports containing financial information for implementation of International Agreement shall be prepared based on CRS (Common Reporting Standard).
- Individuals whose bank statements must be reported include undivided inheritances (for individuals who have passed away).
- Exception is granted for Financial Accounts that must be reported in one or more Old Account held by one entity with an aggregate balance/value of financial accounts not more than USD250,000 on 30 June 2017, 31 December 2017, and 31 December of every subsequent calendar year.
- Self-certification is required upon the opening of a New Financial Account held by an Individual Account Holder or Entity Account Holder whereby the reporting financial institution is obliged:
- To request self-certification by the prospective Account holder;
- To perform clarification on the reasonableness of the selfcertification, including documentation compiled based on anti-money laundering/Know Your Client (KYC) principles;
- To determine the country of domicile of Financial Account Holders based on self-clarification and the result of the reasonableness clarification.
- Automatic Financial information reports for the purpose of implementation of international agreements must be submitted automatically for accounts held by:
- an Individual Account Holder or Entity Account Holder that is known to have more than one Domicile Country, including Indonesia, or
- an Entity Account Holder, where the entity has one or more controlling entities which are known to have more than one Domicile country, including Indonesia.