The countries have said the declaration seeks to strengthen tax ties within the financial sector.

Indonesia and Switzerland have signed a joint tax information-sharing declaration on the Automatic Exchange of Financial Account Information (AEOI), according to media reports.

The signing was reportedly held at the directorate general of tax in Central Jakarta. Indonesia was represented by director general of tax for the finance ministry, Ken Dwijugeasteadi, and Switzerland was represented by its ambassador to Indonesia, Yvonne Bauman.

Through the joint declaration, Indonesia and Switzerland have agreed to the automatic exchange of financial accounts information 2018, in accordance with the common reporting standard. Both are said to be committed to strengthening cooperation in the financial sector.

Indonesia still needs approval from Swiss parliament, which is expected to happen by the end of the year.