JAKARTA – The series of Third Meetings of the G20 Finance Ministers and Central Bank Governors (3rd FMCBG) in Bali this week succeeded in making history with the achievement of an agreement on tax information disclosure entitled Asia Initiative by 11 jurisdictions in the region.
Minister of Finance (Menkeu) Sri Mulyani said the Asia Initiative was an agreement to work together against tax evasion and other unofficial financial activities.
"We hope this can narrow the gap from the difference in capacity to obtain information," he said at a press conference broadcast via a virtual channel live from Bali, Thursday, July 14.
According to the Minister of Finance, the Asia Initiative can be a separate barometer of taxation data exchange efforts so that other countries can follow the example.
"This agreement is expected to increase our ability to continue tax transparency in accordance with standards," he said.
The Minister of Finance explained that the Asia Initiative has been discussed since 2021.
Meanwhile, the maturation of the concept and the achievement of an agreement at the level of practical officials was passed in February 2022 when the delegates held a meeting led by the Director General of Taxes of the Ministry of Finance, Suryo Utomo.
"This can also be proof that the Asia Initiative is a very valuable thing for the advancement of global tax transparency," he continued.
In the previous VOI report, the meeting in February emphasized on tax transparency and Exchange of Information (EOI). The meeting agenda itself was attended by tax authority leaders from 5 Asian G20 member countries, 13 Asian countries that are members of the Global Forum, and several international institutions such as the Asian Development Bank (ADB), the World Bank and the Study Group on Asian Tax Administration and Research (SGATAR).
Meanwhile, 11 jurisdictions that agreed to be included in the Asia Initiative signed a commitment called the Bali Declaration, with each of them being Indonesia, Brunei Darussalam, Hong Kong (SAR), India, Japan, South Korea, Macau (SAR), Malaysia, Maldives, Singapore, and Thailand.
"We are all witnesses to the signing of the tax agreement, which is progress," closed the Minister of Finance Sri Mulyani.
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