The Regulation of the Minister of Finance provides for the procedure for financial information reporting, procedure for account identification, financial institution documentation obligation, sanctions for non-compliant financial institutions, financial information confidentiality, and criminal sanctions for taxation officers who violate the confidentiality provisions.
It is expected that the issuance of such regulation is able to help the community, especially financial institutions, in complying with the provisions of Perppu No. 1 Year 2017.
The amendments set out in this regulation are as follows:
- The addition of one new paragraph in Article 6, namely paragraph (9), regarding mandate for preparing further provisions regarding the procedures for the registration of reporting financial institutions and non-reporting financial institutions;
- Amendment to the provision of Article 7 paragraph (5) regarding financial account being exempted from mandatory reporting, namely old financial account with agregate balance of not more than USD250,000.00;
- Amendment to the provision of Article 15 paragraphs (1), (2), and (3), as well as the addition of three new paragraphs, namely paragraph (2a) regarding the signing of request for information or evidence or statements, paragraph (3a) regarding the issuance of receipt for the provision of information or evidence or statements and paragraph (5) regarding mandate for preparing further provisions regarding procedures for requesting for information or evidence electronically;
- The addition of 1 new paragraph in Article 18, namely paragraph (7), regarding mandate for preparing further provisions regarding procedures for the registration of Financial Services Institutions, other Financial Services Institutions or Other Entities;
- Amendment to the provision of Article 19 paragraph (4) regarding the maximum limit of balance in Financial Account that must be reported which is increased to Rp1,000,000,000.00;
- Amendment to the provision of Article 27 regarding request for information or evidence or statements;
- Amendment to the provision of Article 29 regarding the method for the provision of information or evidence or statements based on request;
- The addition of one new article, namely Article 29A, regarding mandate for preparing further provisions regarding procedures for information or evidence or statements electronically;
- Amendment to Attachment I, Attachment II, and Attachment III.
The full English version has not released yet. Kindly put below Indonesian version and points of amendment above for your reference.