Stricter Rules Introduced for the Disclosure of Financial Information for Tax Purposes

Based on recommendations made by the Global Forum on Transparency and Exchange of Information for Tax Purposes, [1] the Ministry of Finance (“ Ministry ”) recently issued Regulation No. 19/PMK.03/2018 (“ Regulation 19/2018 ”), which amends Ministry Regulation No. 70/PMK.03/2017 on Technical Guidelines for Access to Financial Information for Tax Purposes (“ Regulation 70/2017 ”) [2] for the second time.Regulation 70/2017 was amended once previously through the issuance of Ministry Regulation No. 73/PMK.03/2017 (“ Regulation 73/2017 ”). [3] Essentially, Regulation 19/2018 readdresses a number of provisions which relate to the following matters: