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Govt Regulates Sharia Tax
TEMPO Interactive, Jakarta:The government issued a tax regulation on sharia businesses yesterday. The regulation stipulates income tax on sharia funding businesses and banking activities.
“The regulation is an effort to synchronize tax regulations with sharia business practices,” Dedi Rudaedi, the Finance Ministry’s tax directorate general’s public relations and service director, said yesterday.
The Finance Minister’s Regulation no. 136/PMK.03/2011 on Income Tax for Sharia Funding Businesses cites that taxes over business leases conducted based on Ijarah will be treated equally with operating leases. Ijarah Muntahiyah Bittamlik business leases will also be treated equally with financial leases.
As for debts, the profits from Wakalah bil Ujrah and consumer funding based on Murahabah, Salam and Istishna, will be subject to income tax according to the regulation.
ALWAN RIDHA RAMDANI