CRS is an established global standard for automated information exchange on financial accounts between jurisdictions for tax purposes. It also aims to help tackle tax evasion, increase tax transparency and protect the integrity of government taxation systems around the world. Based on the regulations of Organisation for Economic Co-operation and Development (“OECD”) Common Reporting Standard (“CRS”) and Constitution no. 9 of 2017 on the Implementation of Government Regulation in Lieu of Constitution no. 1 of 2017 on Access to Financial Information, Bank Danamon is required to collect and report the tax domicile of the account holders, where you are required to pay individual income tax or corporate income tax. .
Obligated to Fill Out Self-Certification Form (Self-Certification)
To establish taxation domicile and affirm status based on CRS, you have to fill out self-certification form (self-certification). You also have to ensure that all information is accurate and complete. If you deliberately give false information, then based on Indonesian law in accordance with the constitution regulations that read: ”Any person who makes a false statement form or hides or deducts the actual information from the information that must be submitted in the tax-related report in accordance with the provisions of Constitution no. 9 of 2017 on the Implementation of Government Regulation in Lieu of Constitution no. 1 of 2017 on Access to Financial Information, may be subjected to a maximum of 1 year imprisonment or a maximum fine of Rp1,000,000,000.00”
How to Determine Your Tax Domicile
In general, the taxpayer's domicile is the country in which you live. Certain circumstances (such as studying overseas, working abroad, or going on an extended trip) may cause you to become a taxpayer of another country or become a taxpayer in more than one country at the same time (multiple taxpayers). The country/countries in which you pay income tax may be the country/country of your taxpayer's domicile.
In general, the taxpayer's domicile is the jurisdiction in which his or her management is located. Certain circumstances may cause a body to become a taxpayer of another country or become a taxpayer in more than one country at the same time (multiple taxpayers). As a Financial Institution, Bank Danamon is not allowed to give advice on taxation.
On the Questions You May Ask
If you have questions about the tax domicile, then you can ask them in the following ways:
Please click here to download Signing of Self Certification pertaining to Financial Information Access for Taxation Purposes