JAKARTA. The Indonesian government on Tuesday issued a regulation in lieu of law (Perppu) to end bank secrecy in the country, with officials of tax offices allowed to directly access bank accounts owned by both Indonesian citizens and foreigners. Perppu No. 1/2017 on financial information access for taxation purposes was signed by President Joko “Jokowi” Widodo on May 8. Coordinating Economic Minister Darmin Nasution confirmed that the Perppu applied to customers of both Indonesian banks and foreign banks.
Government issues regulation to end bank secrecy
JAKARTA. The Indonesian government on Tuesday issued a regulation in lieu of law (Perppu) to end bank secrecy in the country, with officials of tax offices allowed to directly access bank accounts owned by both Indonesian citizens and foreigners. Perppu No. 1/2017 on financial information access for taxation purposes was signed by President Joko “Jokowi” Widodo on May 8. Coordinating Economic Minister Darmin Nasution confirmed that the Perppu applied to customers of both Indonesian banks and foreign banks.