Provisions on the Reporting of the Financial Information of Foreign Customers Redefined

In an attempt to clamp down on tax evasion and avoidance, the Indonesian Government has entered into agreements with various partner countries and partner jurisdictions (collectively referred to as “Partners”)[1] which address automatic exchanges of financial information. Through these agreements, Indonesian taxation authority is required to provide financial information on any foreign customers who are registered with financial institutions operating within Indonesia to the taxation authorities of Partners and vice versa.[2]