1 Singapore is ready to have an Automatic Exchange of Financial Account Information (“AEOI”) relationship with Indonesia. This is in line with our consistent position for a level playing field with respect to other key financial centres.
2 Following Singapore’s signing of the Multilateral Competent Authority Agreement (“MCAA”) on the AEOI under the Common Reporting Standard (“CRS”) on 21 June 2017, Singapore has listed Indonesia as one of our intended partners under the MCAA. The MCAA is a multilateral framework agreement that provides a standardised and efficient mechanism to facilitate the automatic exchange of financial account information and avoids the need for separate bilateral competent authority agreements to be concluded.
3 Reciprocal exchange of information can commence after committed jurisdictions have introduced the necessary laws to implement CRS and the required confidentiality and data protection safeguards are in place. The confidentiality and data protection safeguards is an international requirement set out by the Global Forum on Transparency and Exchange of Information for Tax Purposes. We have been working closely together with our Indonesian counterparts to ensure that both parties can commence reciprocal exchange of information.