The country’s financial authorities are gearing up to welcome trillions of rupiah from the implementation of the Tax Amnesty Law.

Coordinating Economic Minister Darmin Nasution acknowledged that President Joko “Jokowi” Widodo had instructed relevant ministries to prepare instruments for the funds within the next few weeks.

The Finance Ministry is finishing three regulations on investment instruments and procedures that are expected take into effect next week to accommodate the tax amnesty program.

The program, as previously reported, will grant tax pardons for Indonesians who declare and repatriate their assets by paying penalty rates of 2 to 10 percent from July until March.

The ministry held a meeting on Monday to discuss in detail the preparations, along with other relevant ministries, agencies, banks and businesspeople.

In the meeting, it appointed nine banks as perception banks to manage the tax amnesty funds. They comprise all four state banks, three private lenders and two sharia banks. The private lenders are Bank Central Asia (BCA), Bank Danamon and Bank Tabungan Pensiunan Nasional (BTPN).

State-owned lender Bank Mandiri’s president director, Kartika “Tiko” Wirjoatmodjo, who was present at the meeting, said it would facilitate investment within predetermined instruments, such as government bonds, listed companies’ bonds and investment in certain infrastructure projects.

Mandiri, which is the largest lender by assets, estimates that it can manage more than Rp 100 trillion (US$7.6 billion) of the funds.

The government itself projected that around Rp 1 quadrillion-worth of funds could be repatriated during the amnesty period.

State-owned lender Bank Tabungan Negara (BTN) is also preparing to facilitate the inflow, especially into government and corporate bonds and mortgage-backed securities, said BTN president director Maryono.

BTN treasury director Iman Nugroho Soeko expressed confidence that the lender could manage around Rp 30 trillion from the targeted repatriated funds.

Meanwhile, Bank Indonesia (BI) seeks to issue a regulatory umbrella for the money market sector in the next few weeks.

BI financial deepening program director Nanang Hendarsyah said the plan had been conceived before tax amnesty talks began, but it could assist with the inflow.

Several other BI rules will follow that will regulate possible investment instruments for the funds and their issuance procedure to deepen the existing money market.

A regulation on negotiable certificate of deposits (NCD) will be introduced after the regulatory umbrella as everything is in place.

A NCD is a bank-guaranteed paper that can be sold in the secondary market. However, it cannot be cashed before maturity.

Maybank Indonesia treasury head Made Budi P. Artha said the regulatory umbrella could give a clear framework on the money market arrangement as a whole. “A clear framework that gives legal certainty for these instruments will boost investor appetite, volume and market deepening faster and better,” he said.

Penulis: Prima Wirayani, Grace D. Amianti and Ina Parlina

Sumber: thejakartapost

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