Four National Banks Mandated to Facilitate Fund Repatriation

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  • A view of the Bank Mandiri headquarters in Jakarta. REUTERS/Darren Whiteside

    A view of the Bank Mandiri headquarters in Jakarta. REUTERS/Darren Whiteside

    TEMPO.CO, Jakarta-Four national banks have been officially appointed as “perception banks” to accommodate repatriated funds from the tax amnesty program.

    “There are three state-owned banks and a private bank mandated to accommodate repatriated funds for the first stage,” Finance Minister Bambang Brodjonegoro said in Jakarta on Thursday, July 21, 2016.

    The four banks are Bank Mandiri, BNI, BRI and BCA.

    Bambang revealed that he had sent the appointment letter to president directors of the four banks. The appointment, Bambang added, is set forth in Finance Minister’s Regulation No. 118/PMK.03/2016 on the implementation of Law No. 11/2016 on the Tax Amnesty Program, as well as in Finance Ministry’s Regulation No. 119/PMK.08/2016 on procedures of transfers taxpayers’ assets in Indonesia and their placement in investment instruments.

    Earlier, Bambang said that he would look at investments as economic booster, instead of household consumption. The tax amnesty policy, according to Bambang is one of the breakthroughs to realize the plan.

    Bambang claimed that investments, particularly in real sectors, would have bigger impacts on public. However, the plan would need a huge amount of money, particularly in the infrastructure sector.

    “The estimated amount is about Rp5,500 trillion (US$410.5 billion) for the next five years,” he said.

    However, Bambang explained that the investment could not be realized since much of Indonesian’s assets are deposited overseas.

    “We estimated that the total amount of Indonesian’s assets deposited overseas equals to Indonesia’s GDP,” Bambang revealed.