Directorate General of Taxes Ministry of Finance (Kemenkeu) requested to banks and other financial service institutions to report domestic customer data with account balances of Rp1 billion no later than 30 April 2018.
But before that, all financial institutions in the country including insurance must register themselves to the Directorate General of Taxes no later than the end of February 2018. Registration and submission of customer data is part of the implementation of the implementation of automatic exchange of information (AEoI) or the exchange of financial information automatically for the sake of tax .
Based on the records of the Directorate General of Taxes, there are currently around 500,000 accounts in Indonesia which have balances above Rp 1 billion. To that end, banks are required to report the data of the nasbah and subsequently the Directorate General of Taxation will check the data of the account holders.
Implementation of tax registration of financial institution is regulated in Law No. 9/2017 and Regulation of the Minister of Finance (PMK) No 70 / PMK.03 / 2017 and its amendment hereinafter regulated in Regulation of Director General of Taxation Number PER-04 / PJ / 2018 concerning procedure of registration for financial institutions and report submissions containing financial information automatically. [kompas]