IDX Says Locals Own Rp400tn Shares Listed under Foreign Names
21 July 2016 16:18 WIB
TEMPO.CO, Jakarta-The Indonesia Stock Exchange (IDX) says there are local investors who own shares in Indonesia but list them under foreign names. IDX president director Tito Sulistio estimated that those shares worth up to Rp400 trillion.
There are many local investors who are reluctant to acknowledge their share ownerships at the IDX, Tito said.
"According to our estimates, the value of shares belonging to local investors but listed under foreign investors is around Rp200 trillion to Rp400 trillion," Tito said at the IDX building Thursday, July 21, 2016.
Tito hopes that investors will use the tax amnesty program to recognize or declare their assets ownership, which would give them incentives from the IDX in the form of income tax exemption. "According to article 15 of the Tax Amnesty Law, they will be eligible to have 0.01 percent of their income tax removed," said Tito.
Acknowledging or declaring these assets, he added, will also change ownership portion between local and foreign investors, which the latter are currently dominating. IDX director for securities development Nicky Hogan said that the local-to foreign ownership rate at the IDX is currently 40:60.
"If you have stocks overseas and want to repatriate it, there is a 0.03 percent crossing fee subjected by the stock exchange. We can give a discount. The asset transfer is also free from income tax, which would have been 0.01 percent," he said.
DESTRIANITA
