State-owned companies expect to raise Rp 14.3 trillion (US$1.1 billion) in the stock market, which has seen an improved buying mood on the back of the initiation of the government’s tax amnesty program.
Four state firms — builders Pembangunan Perumahan (PTPP) and Wijaya Karya (Wika), steelmaker Krakatau Steel and toll road operator Jasa Marga — will issue rights shares this year as part of the government’s state capital injection (PMN) program to fund their expansions.
Coordinating Economic Minister Darmin Nasution said this was “the right time” for state-owned enterprises (SOEs) to carry out a rights issue to accommodate billions of US dollars that will be declared and repatriated in the tax amnesty program. The government will fully exercise its rights on the issuance, having allocated Rp 9 trillion in PMN for the four companies.
“Demand on securities in the next six months will surge. The price will also be good. And I think state firms are mostly ready to accommodate the funds”, Darmin said on Tuesday after a coordination meeting on state firms’ privatization in Jakarta.
The stock market has seen a buying spree since the tax amnesty bill was passed into law on March 28. Since then, foreign investors have bought a net Rp 9.2 trillion worth of stocks, pushing up the benchmark Jakarta Composite Index (JCI) by 4.5 percent.
The buying mood was backed by expectations that the declared and repatriated funds will be invested in the local stock market, among other investment instrument options that include government bonds and infrastructure projects.
To enjoy a tax pardon with lower penalty rates, wealthy Indonesians wishing to enjoy the tax amnesty facility must lock their funds in the country with investment options that are guided by the government in a finance ministerial regulation.
The Indonesia Stock Exchange (IDX) has proposed several instruments to be included in the regulation, namely collective investment contracts (KIK), collective investment contract asset-backed securities (KIK EBA) and limited participation mutual funds (RDPT).
IDX president director Tito Sulistio said state firms played a crucial role in accommodating the tax amnesty funds because of investors’ trust in them.
“Investors are more interested in firms that can give bigger returns, and state firms and their subsidiaries are able to do this so we urge state firms to go public this year as they will also enjoy capital from the repatriated funds,” Tito said.
Of the total 527 publicly listed companies, only 21 are SOEs. Challenges remain in making state firms go public, primarily on account of lengthy procedures. The SOEs Law requires at least 25 procedures, including asking for permission from lawmakers.
“It all comes down to the law, so the bourse can’t anything but urge [lawmakers] to amend the law. Please make it flexible so state firms can go public easily,” he said.
The bourse is currently awaiting Waskita Beton Precast, a subsidiary of state-run construction firm Waskita Karya, to go public in the second semester as planned.
State oil and gas firm Pertamina is also preparing three subsidiaries, including Tugu Pratama, to go public in the second semester, president director Dwi Soetjipto said.
Besides eyeing state firms, the IDX has also approached private companies to go public this year with a target of 35 new listed companies, eight of which have done so in the first semester.
Meanwhile, the Indonesian Central Securities Depository (KSEI) is also selecting brokers to manage repatriated funds in the tax amnesty program. “To manage big funds, a broker should be trustworthy. But we haven’t stated their minimum capital,” KSEI director Syafrudin said.
To strengthen brokers’ capacity in managing an influx of funds, the IDX, KSEI and the Indonesia Stock Market Clearing House (KPEI) will launch a financing firm in August, specifically to finance brokers.
KPEI president director Hasan Fawzi said the firm would be able to lend up to Rp 100 billion to each broker with minimum net adjusted working capital (MKBD) of Rp 250 million and compliance to trading regulations.
Penulis: Stefani Ribka and Prima Wirayani
Sumber: thejakartapost
http://www.pengampunanpajak.com
Kategori:Tax Amnesty in English
PENGAMPUNAN PAJAK 
Tinggalkan komentar