JAKARTA: Indonesia and Singapore have agreed to step up efforts to share tax-related information to tighten loopholes on tax evasion in each others countries, said Indonesias Finance Ministry. The commitment came after a meeting between Indonesian Finance Minister Bambang Brodjonegoro and his counterpart Tharman Shanmugaratnam in Singapore on Monday, the ministry said in a statement. Indonesia and Singapore have had an agreement to exchange tax-related information upon request, including data from financial institution and individuals, since 1992. œExchanging information by request is not enough to reveal all assets hidden by citizens of both countries, the Indonesian ministry said. Reuters
To continue reading the rest of the article, click here