– Jakarta- Head of the National Development Planning Agency (Bappenas), Bambang Brodjonegoro stressed the importance of transparency in the ownership of beneficiary companies for investment development.

“Transparency in beneficial ownership is very closely related to investment. Investor confidence in financial markets is very dependent on the availability of accurate data, which provides transparency regarding beneficial ownership and control structures of a publicly listed company, ” said Bambang in the Global Conference on Beneficial Ownership in Jakarta, Monday (10/23/2017)

Bambang mentioned that the importance of transparency is not only for publicly listed companies, but also for closed companies, especially when dealing with foreign companies that have standar compliance ’standards on transparency of information regarding beneficial ownership from their partners.

Current government efforts to encourage investment ease while fostering trust for investors, continued Bambang, must also be accompanied by efforts to bring investments with integrity and quality.

He warned, the ease of investing should not be used as a space for corruptors to take personal advantage. One of the efforts made is to encourage disclosure of who is the real owner of a company that will invest.

“Beneficial ownership transparency can provide further benefits for companies operating in Indonesia, including reducing financial risk,” said Bambang.

The disclosure of beneficial ownership itself is part of the principle framework of anti-revenue erosion and profit transfer, known as base corrosion and profit shifting (BEPS). The encouragement of information disclosure is happening almost all over the world, especially in developed countries to pursue taxpayers who put and transfer their tax obligations in tax haven countries.

Global trends are changing so that all countries agree to against the practice of tax evasion and embezzlement that is mostly practiced in tax havens. The same thing was done by Indonesia, which had previously committed to automatic exchange of information (AEoI) starting in September 2018.