TEMPO.CO, Jakarta-State-owned bank PT Bank Tabungan Negara (Persero) Tbk. is targeting to secure up to Rp30 trillion of repatriated funds in tax amnesty policy. BTN Finance and Treasury Director Imam Nugroho Soeko said that the company is ready to accommodate repatriated funds through a number of banking products it has, in accordance with the legislation.
“We are more flexible, we could [use] term deposits, NCD, bonds, EBA-SP [assets-backed securities with a form of participation letter], KIK-EBA [assets-backed securities through a collective investment contract]. Thus, we are the most prepared bank with all those products. We are ready,” he said on Tuesday, July 12, 2016.
However, Imam has yet to elaborate further on the preparation for the collection of repatriated funds. According to him, the company is still waiting for the guidelines to be issued in the form of finance ministry regulation.
“The PMK [finance ministry regulation] is yet to be issued. So, we shall see. Further information will be given regarding which perception banks will be picked as the gateway,” he said.
Earlier, BTN has reportedly been appointed as a perception bank. Other than BTN, the government has reportedly appointed another eight perception banks, namely BRI, Bank Mandiri, BNI, BCA, Bank Danamon and BTPN as well as two unnamed sharia banks. The appointment of those banks was made to follow up the tax amnesty policy.
Meanwhile, Bank Indonesia said that the baseline of potential funds to be repatriated in tax amnesty program was Rp560 trillion of the total Rp11,400 trillion in offshore assets according to the government’s assumption.
