Mandatory Reporting for Gateways under the Tax-Amnesty Framework Further Regulated

In an effort to actively monitor the circulation of repatriated assets under the tax-amnesty program, the Directorate General of Tax (“Director General”) has issued Regulation No. PER – 12/PJ/2016 on Procedures for the Administration of the Gateway Reports Under the Tax-Amnesty Framework (“2016 Regulation”).The 2016 Regulation sets out various procedures which should be followed by banks, investment managers and securities brokerages which have been appointed by the Ministry of Finance (“Ministry”) as official gateways under the tax-amnesty program regarding the submission of reports, as mandated in the following regulations: [1]