Indonesia Calls for G20 Commitment to Tax Information Exchange

Bambang Brodjonegoro, Indonesian finance minister

Shanghai, 19 Jumadal Awwal 1437/27 February 2016 (MINA) – Indonesia has called for the commitment of G20 economies to automatic sharing of taxation and financial transaction data at a meeting of the groups finance ministers and central bank governors in Shanghai on February 26-27.

“Indonesia wants G20 economies to realize the agreement they have reached at their summit in Turkey with regard to the exchange of taxation and financial transaction data in 2018. The agreement no longer needs change or adjustment,” Indonesian Finance Minister Bambang Brodjonegoro said here Friday.

The minister said Indonesia also wants G20 economies to comply with the existing rules and that all member states can access all bank accounts throughout the world, Mi’raj Islamic News Agency (MINA) reported, quoting Antara News.

“As such, we can trace and chase Indonesian citizens depositing their money abroad to pay taxes. We believe that people who deposit their money abroad have the potential to evade taxes. The cooperation (with other G20 economies) will help increase tax receipts and ensure the success of tax amnesty,” he said.

At the meeting of G20 finance ministers and central bank governors, Indonesia will also call for global commitment to infrastructure financing to spur economic growth, he said.

“We call for global commitment to infrastructure development not only to improve infrastructure but also to create growth. Today the world is experiencing a shortage of growth structure. As commodity prices are low, commodity-related activities and global inflation decline too,” he said.

“That is why we need to spur global growth by, among others, encouraging infrastructure development in emerging economies to make them more competitive and attractive to investment,” he said.

The meeting of G20 finance ministers and central bank governors this time focuses on global economic growth, infrastructure investment, global taxation cooperation, and financial programs for the environment, among others. (R07/R01)

Mi’raj Islamic News Agency (MINA)