Policies and Other Information

Frequently Asked Questions (FAQs)

1. Question: What is the Common Reporting Standard?
   Answer: In July 2014, the Organization for Economic Cooperation and Development (OECD) issued a standard, requiring governments globally to collect financial account information from their financial institutions, including insurance companies, and exchange information automatically with offshore tax jurisdictions (AEOI). Known as the Common Reporting Standard (CRS), the provision requires financial institutions in participating countries to collect and report their clients' financial information to help combat tax evasion and protect the integrity of the tax system.
   
   
2. Question: Is the CRS the same as the Foreign Account Tax Compliance Act (FATCA)?
   Answer: No, FATCA was implemented by the United States (US) Government to prevent tax evasion by US citizens, while the CRS was developed by over 100 governments with essentially the same goal.
   
   
3. Question: Why do customers need to confirm their tax jurisdiction?
   Answer: Under the CRS, tax authorities require Great Eastern Life Indonesia to obtain and report certain information regarding the tax status of its customers. Great Eastern Life Indonesia will require customers who invest in products (such as income protection, savings, pension products) or update their data (such as moving to another country/jurisdiction) to declare certain details in a process called self-certification.
   
   
4. Question: What information must the client provide?
   Answer: It depends on the jurisdiction, but the client will generally be asked to provide the following information:
   - Name
   - Address
   - Place and date of birth (for Individuals and Controlling Persons)
   - Country or jurisdiction of taxpayer domicile (tax residence)
   - Tax Identification Number (TIN)
   - Type of entity and place of registration/incorporation (for entities)
   - Type of Controlling Person for certain Types of Entities (for Controlling Persons)
   
   
5. Question: How is the information required for the CRS obtained?
   Answer: Customers are required to complete a self-certification. The self-certification can be part of the policy/account opening documents or a separate form and will vary by jurisdiction and whether the customer is an entity or an individual. The CRS form will include information regarding the taxpayer's jurisdiction of residence, taxpayer identification number, and entity type.
   
   
6. Question: When must the CRS self-certification form be completed?
   Answer: Customers must complete the CRS self-certification form before the product or policy can be issued or applied for. Pre-existing customers will be asked to complete a similar self-certification form in certain circumstances (e.g., change of ownership, change of taxpayer domicile, or change of certain personal data) at a later stage where we have insufficient information to determine whether the customer is a non-reporting person.
   
   
7. Question: How can customer data be provided to third parties?
   Answer: National laws implementing the CRS require Great Eastern Life Indonesia to provide information to the local tax authorities in the countries where the account is reportable based on the reportable person. For example, a Great Eastern Life Indonesia customer who is a Hong Kong citizen and has a German tax domicile will be reported to the Hong Kong Internal Revenue Department (tax authority) and will then be reported to the German tax authorities.
   
   
8. Question: What information is provided to tax authorities?
   Answer: Great Eastern Life Indonesia will provide legally required information, including information provided in self-certification forms and details about Great Eastern Life Indonesia customers' products and policies, such as balances or values ​​and the total amount of interest (investment returns) or payments made.
   
   
9. Question: How is tax residence defined?
   Answer: An individual's tax residence is determined by taking into account the laws of the particular country and the individual's/entity's circumstances. Customers are advised to contact a tax consultant as Great Eastern Life Indonesia cannot provide tax advice.
   
   
10. Question: What is a TIN (Taxpayer Identification Number) and how do I obtain one?
    Answer: A Tax Identification Number (TIN) is a unique number typically issued by tax authorities to customers. Some jurisdictions do not issue such numbers, and some jurisdictions accept a national identity document identification number or similar unique identifier as a valid initial document for self-certification.
    
    
11. Question: Why does Great Eastern Life Indonesia require a self-certification form even if the customer resides in the same country as they pay taxes?
    Answer: Great Eastern Life Indonesia must establish, maintain, and implement due diligence procedures to identify account holders (including account controllers) who are taxpayers domiciled in the reporting jurisdiction. Self-certification has been determined to be the best way to accomplish this procedure.
    
    
12. Question: Why does Great Eastern Life Indonesia require supporting documents other than self-certification?
    Answer: Due diligence requirements are mandated by local regulations, and Great Eastern Life Indonesia may be subject to sanctions if it fails to identify, collect, and report account information to the tax authorities. Therefore, Great Eastern Life Indonesia needs to verify the details provided by the customer as part of the self-certification. This verification process may include proof of address, copies of passports, past tax returns, or other forms as evidence.
    
    
13. Question: Can I assist clients in completing the self-certification form?
    Answer: Great Eastern Life Indonesia does not provide tax or legal advice or opinions. Therefore, we cannot advise clients on how to complete the self-certification form. We can assist clients by collecting basic information such as telephone number or residential address, and taxpayer domicile, which the client must provide.
    
    
14. Question: What happens if a customer refuses to provide self-certification?
    Answer: New customers who do not provide complete self-certification to Great Eastern Life Indonesia are not eligible to purchase products or policies that include CRS in-scope. Pre-existing customers who refuse to provide CRS self-certification will be considered reported parties from the jurisdiction.
    
    
15. Question: The information provided by customers is confidential and sensitive. How does Great Eastern Life Indonesia protect this information?
    Answer: Great Eastern Life Indonesia takes information security very seriously, and we have policies and procedures in place to ensure that customer information is appropriately protected. We also have limitations to protect personal information that are in accordance with laws and regulations, including, but not limited to, controls regarding access, storage, processing, transmission, and handling of personal information.
    
    
16. Question: Where can I get further advice and information?
    Answer: For general questions regarding the CRS, please contact your nearest tax advisor. For further information regarding your taxpayer residency, please refer to the government taxpayer residency rules published by your national tax authority or contact your tax advisor. You can also visit the OECD Automatic Exchange of Information portal (http://www.oecd.org/tax/automatic-exchange/).