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BTN to become trustee bank in August for tax amnesty program
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Bank Tabungan Negara (BTN) president director Maryono (second left) attends an open house at the private residence of State-Owned Enterprises Minister Rini Soemarno on the first day of Idul Fitri on July 6. (The Jakarta Post/Prima Wirayani)
B
ank Tabungan Negara (BTN), the only state-owned listed bank that was excluded from the tax amnesty program, has announced that it will soon become one of the trustee banks after it introduces an investor account service in August.
The government requires all trustee banks involved in the program to have at least one of three services, namely trustee, custody or investor accounts (RDN). In the preliminary official bank list issued by the finance ministry, BTN was not included as it had yet to have one of the facilities.
“We have just sealed an agreement with Danareksa Investment Management and the RDN service will be available in early August,” BTN president director Maryono told thejakartapost.com in his office on Wednesday in Jakarta.
The bank is preparing assets-backed securities (EBA) to absorb repatriated funds in the tax amnesty program. The investment instrument is targeted to absorb Rp 10 billion (US$762 million).
“Our property developer customers are interested in issuing real estate investment trusts [REITs]. Maybe the amount is not very big, but Danareksa and we are ready to securitize them,” Maryono added.
Property developers often raise funds from REITs by securitizing assets, which generates a recurring income, such as malls, hotels, hospitals and offices. Maryono said the lender had several customers that developed property with recurring incomes. (ags)
