The Common Reporting Standard For Taxation

[Davita]

I might rephrase as follows: This [CRS] will facilitate collecting tax owed according to Double tax agreements.

Of course it will but the revenue from that is chicken-shit compared to the wealth fat-cat individuals and Companies were sitting on, undeclared, in secret accounts world-wide.
I'll be interested if some of the countries that didn't sign the CRS agreement are planning to get in the game...if anyone hears of any country setting up shop to hold this wealth please post.

Regarding Indonesia I expect Sri Mulyani (Minister of Finance) is rubbing her hands with glee as she contemplates the vast revenue she can, with prudent management, recover into the vaults of Indonesian banks. A few trillion Rp. will surely bring parity back to the Rp. recent slide and if interest rates are reduced could control inflation....we shall see.
Maybe then Jokowi will be able to fulfill his infrastructure projects which he couldn't due to the chicken-shit returns from the failed Tax Amnesty scheme.

Let the bloodletting begin.

 

[Chiron]

Of course it will but the revenue from that is chicken-shit compared to the wealth fat-cat individuals and Companies were sitting on, undeclared, in secret accounts world-wide.
I'll be interested if some of the countries that didn't sign the CRS agreement are planning to get in the game...if anyone hears of any country setting up shop to hold this wealth please post.

Regarding Indonesia I expect Sri Mulyani (Minister of Finance) is rubbing her hands with glee as she contemplates the vast revenue she can, with prudent management, recover into the vaults of Indonesian banks. A few trillion Rp. will surely bring parity back to the Rp. recent slide and if interest rates are reduced could control inflation....we shall see.
Maybe then Jokowi will be able to fulfill his infrastructure projects which he couldn't due to the chicken-shit returns from the failed Tax Amnesty scheme.

Let the bloodletting begin.

To your point above, it looks like the US may end up cooperating with Indonesia on assets held in US based institutions. Refer to this recent article in the Jakarta Post. It seems as though the Indonesian Directorate General of Taxation is indeed interested in these offshore assets.

 

[brian@bekasi]

Edward can talk for himself...this forum is well moderated.....we don't need any quasi-moderation.

No Bite! I'll let that one pass.

 

[snpark]

Yikes handbags at dawn on the tax thread - who said accountants were boring?

Like the guy on the oil rig said "my job is boring"

Well well well. 3 holes in the ground. etc etc etc

 

[Edward]

Two articles appeared in the Indonesian media yesterday related to this topic. I cannot find where the information they contain has been reported in English.

The links are:
https://finance.detik.com/pajak/d-4...apat-seluruh-data-rekening-wni-di-luar-negeri

https://finance.detik.com/pajak/d-4195008/data-rekening-nasabah-jadi-basis-pemeriksaan-ditjen-pajak

What amazes me is why the exchange of information focuses on data (savings) in financial institutions. Think of all the other (income earning) assets that are located overseas owned by Indonesian tax residents. All income from assets in all the 88 participating countries attract differing tax rates, so the taxes paid overseas will have to be adjusted based on Indonesian taxes payable on same, in order to calculate the Indonesian tax payable or refundable, and according to the pertinent double tax agreement. As far as I understand.

 

[jstar]

^
As this?
https://virtualglobetrotting.com/map/aburizal-bakries-house/view/google/

Of course in today’s economic climate, you don’t get away anymore with ‘paying cash’ and yes, the reporting on bank accounts is only a first step...but the question is if the RI authorities have the possibility (and capability and willingness) to investigate tax havens and complex company structures.

So in the mean time they fine the old lady since she did not report the piece of land she owns for fifty years.