- Joined
- Aug 30, 2016
- Messages
- 261
The International Common Reporting Standard requires countries to share financial and banking information about people who are foreign tax residents of other countries.
We have discussed this on the forum before about what may happen and impacts on people with or without TFN's in Indonesia.
Well folks judgement day has arrived as I received the following email from my Australian Bank:
To ensure we can uphold our responsibilities to you and to our Bank regulators, up-to-date customer information is important.
Customer information for your account suggests that you may have foreign tax residency for:
INDONESIA
Foreign tax residency refers to the country or countries in which you are liable to pay tax, irrespective of whether a tax return must be filed or any tax is actually payable.
To ensure your customer information is accurate, and we don't inadvertently report incorrect information, we need you to confirm your tax residency status. Please ensure this information is updated within 45 days from the date of this message.
Why we are contacting you
An international agreement, the Common Reporting Standard (CRS), requires all Australian banks and financial organisations to identify customers who have a foreign tax residency. We are required by law to provide the information of all customers who have foreign tax residency to the Australian Taxation Office (ATO). The ATO may then share this information with tax authorities in other countries.
What do I need to do?
Go to Tax Residency Information to update your foreign tax residency status . You can enter your country(ies) of foreign tax residency and the associated Tax Identification Number (TIN)".
I would suggest that this could be a major problem for all of us who earn any form of income in Indonesia including bank interest.
If the Indonesian Government receives the information and starts investigating individuals it could be a real problems particular as Indonesian Tax is paid on worldwide income.
We have discussed this on the forum before about what may happen and impacts on people with or without TFN's in Indonesia.
Well folks judgement day has arrived as I received the following email from my Australian Bank:
To ensure we can uphold our responsibilities to you and to our Bank regulators, up-to-date customer information is important.
Customer information for your account suggests that you may have foreign tax residency for:
INDONESIA
Foreign tax residency refers to the country or countries in which you are liable to pay tax, irrespective of whether a tax return must be filed or any tax is actually payable.
To ensure your customer information is accurate, and we don't inadvertently report incorrect information, we need you to confirm your tax residency status. Please ensure this information is updated within 45 days from the date of this message.
Why we are contacting you
An international agreement, the Common Reporting Standard (CRS), requires all Australian banks and financial organisations to identify customers who have a foreign tax residency. We are required by law to provide the information of all customers who have foreign tax residency to the Australian Taxation Office (ATO). The ATO may then share this information with tax authorities in other countries.
What do I need to do?
Go to Tax Residency Information to update your foreign tax residency status . You can enter your country(ies) of foreign tax residency and the associated Tax Identification Number (TIN)".
I would suggest that this could be a major problem for all of us who earn any form of income in Indonesia including bank interest.
If the Indonesian Government receives the information and starts investigating individuals it could be a real problems particular as Indonesian Tax is paid on worldwide income.