Regulations demand disclosure of company beneficial ownership

To tackle tax evasion, Indonesia’s President Joko Widodo has issued regulations requiring all businesses to disclose details of who beneficially owns the entity.

The move will give Indonesia’s tax authorities more data with which to tackle tax evasion and money laundering, it was said. It will also support Indonesia’s bid to become a member of the Financial Action Task Force, after a previous assessment found the country’s frameworks lacking.