Which Investment Instruments to Choose Under Tax Amnesty?

Jakarta. Indonesia’s financial sector is putting together suitable investment instruments in anticipation of up to Rp 1,000 trillion ($76 billion) in repatriated assets during the nine-month tax amnesty program which should begin soon after Idul Fitri, according to senior officials.

The tax amnesty program will allow taxpayers to put their money in any investment instrument of their liking as long as they keep their money in the country for at least three years.

Besides time deposits, savings, bonds, stocks and other well-known investment instruments, Indonesian Stock Exchange (IDX) president director Tito Sulistio said the bourse has also prepared four relatively new instruments for Indonesian investors: the collective investment contract, real estate investment trust (REIT), asset-backed collective instrument contract and investment in the real sector through a private equity scheme — known as RDPT.

Nurhaida, the executive head of capital market supervision at Indonesia’s Financial Services Authority (OJK), said the OJK is also preparing incentives in the capital market to increase the number of local investors and companies going public.

Taxpayers who join the tax amnesty program and are willing to repatriate their money have these choices at their disposal, according to the currently unsigned law:

  • Government bonds — considered one of the safest investments in the country, but the issuance will depend on the need to patch up the state budget. As of June 21, the government had sold Rp 441.36 trillion or 79.42 percent of its Rp 555.72 trillion targeted bond sales in the 2016 state budget.
  • State-owned companies’ bonds
  • Corporate bonds
  • Savings and time deposit at designated lenders
  • Investment in infrastructures through government and private company cooperations
  • Investment in real sector pre-determined by the government

The law, however, also opens the possibility for other investment instruments as long as they are approved by the government.

Finance Ministry Bambang Brodjonegoro said right after the Idul Fitri the ministry will release related regulations to the tax amnesty law and choose the designated lenders to receive the repatriated assets.

Bambang refused to mention the lenders’ names at the tax amnesty program launch last week, but said all the lenders must have a core capital of at least Rp 5 trillion — which means the biggest lenders by assets such as state-owned Bank Mandiri, BRI and BNI must be on top of the government’s list.

Sumber: beritasatu.com






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