Beneficial-Ownership Regulation Established to Chase down Taxpayers in Tax-Haven Countries
Hukum Dan Undang Undang ~ The OECD’s Global Forum on Transparency and the Exchange of Information (Global Forum) has mandated that Indonesia should establish a regulation which addresses the corporate obligation to provide information relating to corporations’ beneficial owners. This obligation relates to the Exchange of Information on demand which Indonesia is currently implementing within the financial sector. According to Minister of Finance, Sri Mulyani, the disclosure of beneficial ownership information is an integral part of the principle Base Erosion and Profit Shifting (BEPS) framework. The BEPS pushes for information disclosure all over the world, especially within developed countries, in a bid to chase down taxpayers who transfer their tax liabilities to tax-haven countries. Sri Mulyani, Minister of Finance of the Republic of Indonesia. Photo by: HOL/SGP “The current global trend is to encourage transparent business practices and good governance across all jurisdictions,” e...