JAKARTA (TheInsiderStories) - Ministry of Finance (MoF) has appointed seven banks as cashiers (perception banks) to receive the repatriate funds as an implementation ot the Tax Amnesty policy.
Finance Minister Bambang Brodjonegoro previously estimated the repatriate funds derived from Tax Amnesty could reach Rp 1,000 trillion (US$75.76 billion) and as much as Rp 4,000 trillion to be declared.
The so-called perxeption banks, according to the Tax Amnesty Law, are commercial banks appointed by the minister to accept deposits and state revenues designated to receive ransom payments and funds that are transferred to the territory of the Republic of Indonesia within the framework of tax amnesty.
The banks are namely PT Bank Mandiri Tbk (IDX: BMRI), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT Bank Negara Indonesia Tbk (IDX: BBNI) and PT Bank Tabungan Negara Tbk IDX: BBTN), PT Bank Central Asia Tbk (IDX: BBCA), PT Bank Danamon Tbk (IDX: BDMN), PT Bank Tabungan Pensiun Nasional Tnk (IDX: BTPN) and two sharia banks.
President Joko Widodo has instructed his economic ministers to quickly prepare all the facilities necessary to implement the Tax Amnesty Law.
Senior Economic Minister Darmin Nasution, explained that at least two important issues that are asked by the President to be immediately implemented are as foll: first technical preparations for the implementation of the law an investment instruments that can be used by the applicants for the repatriated funds.
In separate event, State-owned Enterprises Minister Rini Soemarno, hopes that her ministry can help implement the tax amnesty program in the second half of this year through bond issuances, direct investments and partnerships.
Meanwhile, the United Justice Foundation (YSK), along with the Indonesian People’s Struggle Union (SPRI) revealed a plan to file a judicial review with the Constitutional Court once the tax amnesty bill is in effect. YSK chairman Sugeng Teguh Santoso is concerned that the tax amnesty law could be initiated by delinquent taxpayers because it gives them an exclusive right and will also be protected with confidentiality rights.
The House of Representatives (DPR) passed the tax amnesty bill into a law on June 28. The program has a nine-month period starting on July 1. It will end in March next year.
The tax amnesty proceeds are estimated to exceed the number initially declared by taxpayers. The tax pardon program is also expected to repatriate Indonesians’ funds invested overseas. (*)