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Indonesia, Singapore agree to step up sharing of tax information

Indonesia, Singapore agree to step up sharing of tax information

SINGAPORE: Indonesia and Singapore have agreed to step up efforts to share tax-related information to tighten loopholes on tax evasion in each other’s countries, Indonesia’s finance ministry said.

Indonesia and Singapore have had an agreement to exchange tax-related information upon request, including data from financial institution and individuals, since 1992.

The mechanism should start as early as 2017, or at the latest, by end of 2018, the statement said. Both countries have also agreed to amend local legislation to support the exchange of information.Singapore’s finance ministry said the city-state and Indonesia have both endorsed the automatic exchange of information as a global standard, but Singapore’s implementation is guided by several principles.