medcom.id, Jakarta: The government has issued a government regulation in lieu of law (Perppu) on the Automatic Exchange of Information (AEoI).
"Perppu No.1/2017 is an inevitable thing," Cabinet Secretary Pramon Anung said on Wednesday.
"It is a global commitment," Pramono said.
AEoI is designed to autumatically share financial data of residents for tax purposes. It is intended to prevent tax avoidance practices through offshore tax havens.
The mechanism was declared in May 2014. It was agreed by at least 47 countries, including Indonesia.
"People cannot hide their wealth anymore," Pramono said.
The Perppu was issued on May 8. It was effective on the same day.
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