Indonesia Simplifies Reporting
Last Friday the Indonesian Finance Ministry’s Taxation Directorate General and the Indonesian Stock Exchange (IDX) signed a memorandum initially enabling 33 state-owned companies to simplify their tax returns by reporting to the tax office in XBRL.
Previously, companies were required to submit hard copies of their financial statements to the tax office, a lengthy process and error prone exercise, requiring the agency to manually re-key this information.
While this is a very small step, the new system will be evaluated every 6 months in the hope of expanding XBRL reporting to more companies in the future. Moving from hard-copies to digital reporting will simplify, speed up and reduce the cost of reporting and business analysis which is great news for all businesses operating in Indonesia. We applaud this effort, and look forward to seeing further expansion of the XBRL standard in Indonesia.
Read more here.