The Finance Ministers and Central Bank Governors of the G20 was unanimously agreed that the program Automatic Exchange of Information (AEOI) and BEPS will fully be implemented starting in September 2017 and at the latest in September 2018. It is declared at the G20 Summit on 17-18 March 2017 in Baden-Baden, the State of Baden-Württemberg in Southwest Germany.
Indonesian Minister of Finance Sri Mulyani Indrawati said Indonesia as a member of G20 is thoroughly and effectively ready to participate in the implementation of cooperation on automatic exchange of tax information or AEOI and the implementation of the avoidance principle of Base Erosion and Profit Shifting (BEPS).
As reported in official website of Ministry of Finance, Monday (20/3/2017) Indonesia hoped the loophole for practices of international tax evasion will no longer exists by the implementation of the cooperation program. Also, there is none countries who use different tax system to innovate financial instruments of which contradict to the spirit of BEPS and AEOI.
In addition, Indonesia also expressed the need to work more closely between trading countries partners in order to prevent leakage of taxation arising from the flow of money through international trade. The former Managing Director of the World Bank was also added Indonesia’s wish to became a member of the Financial Action Task Force (FATF) and ask for the full support of the member countries of the G20.
Indonesia as a member of the FATF will make a major contribution to the world in against money laundering and financing of terrorism (AML / CFT), given the strategic geographic position of Indonesia and considering of having an open financial system. As for domestic benefit, Indonesia shall prepare AML/CFT regulation in relevance with international standard and actively contribute in developing its global standard. [reporter Anto Kurniawan]