Tax & Transparency: No More Banking Data Secrecy in Indonesia?
After decades of the "banking information secrecy" culture in Indonesia, local banks now seem more willing to share clients' financial information to tax authorities (both local and foreign authorities). Earlier, Indonesian banks were reluctant to disclose this information as such transparency could mean banks would lose valuable clients. These "big clients" supply over half of banks' deposits. However, the situation has now changed due to the government's tax amnesty program.