Singapore, Indonesia intensify tax-information exchanges to counter cross-border tax evasion

Tuesday 30 December 2014 08:43 CET | News

Indonesia and Singapore have committed to step up efforts to share tax-related information to tackle tax evasion in each other`s countries, according to Indonesia`s finance ministry, cited by Reuters.

Indonesia and Singapore have an agreement to exchange tax-related information upon request, including data from financial institution and individuals, since 1992. In order to complement the mechanism for information exchange by request and to accelerate information flows, Indonesia and Singapore have committed to exchange information automatically. The mechanism is set to start as early as 2017, or at the latest, by end of 2018. Both countries have also agreed to amend local legislation to support the exchange of information.

In a bid to tackle cross-border tax evasion, countries across the world are signing up to new standards drawn up in 2013 by the Organisation for Economic Co-operation and Development (OECD) for automatic exchange of information. Under these standards, countries can sign reciprocal agreements that they will automatically share certain pieces of financial information about each others taxpayers.

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Keywords: cross-border tax evasion, Singapore, Indonesia, tax-information exchanges
Categories: Payments & Commerce
Countries: World
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