Guidelines for CRS Implementation

ID|EN

Access to financial information received from financial information reports submitted automatically by reporting financial institutions in respect of implementing tax regulation and international tax agreements or so-called automatic exchange of information (AEOI).

Financial information report submission is mandatory for reporting financial institutions comprising:

1. Financial Service Institution under OJK supervision, namely banking, stock exchange, Insurance sectors;
2. Other Financial Service Institution under OJK supervision other than banking, stock exchange, Insurance sectors, such as micro financing and fintech;
3. Other entities – financial institutions not under OJK supervision, such as cooperatives.

That running business as custodian, savings institution, insurance companies, and investment entities.

For the list of Non-Reporting Financial Institutions please see here.

Subject and time to register:

Financial service institutions, either the reporter or non-reporter, must have themselves registered in the Directorate General of Taxes. The registration must be conducted before the end of February next year after all requirements as a financial institution, either reporter or non-reporter, have been fulfilled.

Channel:

Registration can be conducted by using electronic form that can be acquired from:

1. Portal EOI;

2. Tax office (KPP) or tax service, dissemination, and consultation office (KP2KP) coming in person or through post, expedition service, or courier companies.

Registration regulations and instructions/catalog:

• PMK-70/PMK.3/2017 as amended by PMK-73/MK.3/2017, and PMK-19/PMK.3/2018
• PER-04/PJ/2018 as lastly amended by PER-7/PJ/2024
• PPt Slide
• EOI Portal Manual User

Access to financial information for tax purposes includes access to receive and obtain financial information in the context of implementing international agreements in the field of taxation (CRS). The Director General of Taxes has the authority to obtain such financial information from:

• Financial Service Institutions
• Other Financial Service Institutions
• Other Entities

Reporting Financial Institutions

Subjects required to automatically report financial information within the CRS framework include Reporting Financial Institutions such as:

• Financial Service Institutions
• Other Financial Service Institutions
• Other Entities

These institutions perform business activities as:

• Depository Institutions
• Custodial Institutions
• Certain Insurance Companies
• Investment Entities

List of Reporting Financial Institutions

• Financial Service Institutions
  • Depository Institutions
    • Commercial Banks
    • Rural Banks
    • Islamic Banks
  • Custodial Institutions
    • Custodian Banks
    • Securities Companies including:
      • Securities Underwriters
      • Securities Brokers
      • Investment Managers
  • Certain Insurance Companies issuing cash value insurance contracts or annuity contracts or required to make payments related to such contracts:
    • General Insurance and General Islamic Insurance Companies
    • Life Insurance and Life Islamic Insurance Companies
    • Reinsurance and Reinsurance Islamic Companies
    • Other Insurance Companies
  • Investment Entities
    • Securities Companies including:
      • Securities Underwriters
      • Securities Brokers
      • Investment Managers
    • Collective Investment Contracts managed by Investment Managers or other Financial Institutions
• Other Financial Service Institutions
  • Depository Institutions
    • Microfinance Institutions
    • Peer-to-Peer Lending Platforms
• Other Entities
  • Depository Institutions
    • Credit Unions and Cooperatives with savings units
    • Other entities managing financial assets on behalf of others as their primary business activity
  • Investment Entities include legal and non-legal entities in the commodity futures trading sector:
    • Futures Brokers
    • Futures Clearing Members

Non-Reporting Financial Institutions

Subjects not required to automatically report financial information within the CRS framework include Non-Reporting Financial Institutions such as:

• Financial Service Institutions
• Other Financial Service Institutions
• Other Entities

unless they receive payments from commercial financial activities conducted by Custodial Institutions, Depository Institutions, or Certain Insurance Companies.

• Government Entities
• International Organizations
• Central Banks
• Broad Participation Retirement Funds
• Narrow Participation Retirement Funds
• Retirement Funds of Government Entities
• Retirement Funds of International Organizations

Financial Account Information Reported Automatically to Partner Jurisdictions

Under the CRS, the following financial account information is reported automatically by Reporting Financial Institutions to partner jurisdictions:

• Financial account balance or value
• Gross income
  • Interest
  • Dividends
  • Income from certain insurance contracts
  • Other income
• Gross proceeds from the sale or redemption of financial assets

Mechanism for Financial Information Exchange

The following is the mechanism for the exchange of financial information:

• Submission of Financial Information to the Director General of Taxes
   Financial institutions submit financial information to the Director General of Taxes.
• Exchange of Financial Information with Partner Jurisdictions
   The Director General of Taxes exchanges the financial information received with the relevant partner jurisdictions