Indonesia to get access to its taxpayers' financial data in Hong Kong

JAKARTA - Indonesia and Hong Kong have agreed on an exchange of financial information that will allow the Indonesian tax office to have access to data on taxpayers who have accounts there, Indonesia's finance ministry said on Friday.

Indonesia's Director-General of Taxes, Ken Dwijugiasteadi, and Hong Kong's Commissioner of Inland Revenue Department, Wong Kuen-fai, have signed a "Bilateral Competent Authority Agreement", according to the Indonesian statement.

Indonesia will use the financial information obtained from Hong Kong to complement its tax database, "so hopefully this will encourage Indonesian taxpayers to voluntarily fulfil their tax obligations," the statement said.