In a meeting on 15 December 2014, Singapore Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam and Indonesia’s Finance Minister Bambang Brodjonegoro noted the excellent cooperation enjoyed by both the Indonesian and Singapore tax authorities on tax matters, and agreed as a next step to update the existing Avoidance of Double Taxation Agreement (DTA) to promote further investment and trade flows between both countries. This included incorporating the internationally agreed standard on exchange of information upon request into the DTA.
As for automatic exchange of information (AEOI), DPM Tharman and Minister Bambang noted that Singapore and Indonesia, as members of the Global Forum for Transparency and Exchange of Information, have both endorsed AEOI as a global standard, and committed to timelines for its implementation. Singapore is targeting an implementation date of 2018 while Indonesia has committed to implement AEOI by 2017.
