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HSBC, BTN replace Stanchart, Deutsche bank as tax amnesty gateways
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President Joko "Jokowi" Widodo gives remarks during the inauguration of the tax amnesty policy at the Taxation Directorate General in Jakarta on July 1. (Courtesy of Presidential Secretariat/-)
T
he government has announced its list of 55 financial institutions that will receive the expected trillions of rupiah in repatriated assets in the tax amnesty program, in which Standard Chartered Bank and Deutsche Bank have been dropped.
A press release issued by the Finance Ministry's Directorate General of Finance and Risk Management on Tuesday mentions 18 banks, 18 investment managers and 19 securities companies that have been mandated to manage the assets.
However, unlike the previous list issued on July 18, the two foreign banks were no longer on the list and instead replaced by HSBC and Bank Tabungan Negara (BTN). The ministry has yet give an official explanation on the change.
Earlier, the ministry's treasury director general Robert Pakpahan said people who wanted to repatriate their assets must first open accounts at the appointed trustee banks before shifting their assets to investment instruments in the amnesty program.
"We require them to open escrow accounts and the investment for them will be separate from other ordinary investments," he said.
The eight instruments specially prepared for the tax amnesty program are government bonds (SUN), state-owned enterprises (SOEs) bonds, government-owned financial institutions bonds and five financial investment products issued by trustee banks. (ags)
Trustee banks for tax amnesty:
1. Citibank N.A
2. Bank Bukopin
3. Bank Central Asia
4. Bank CIMB Niaga
5. Bank Danamon Indonesia
6. Bank DBS Indonesia
7. Bank Mandiri
8. Bank Maybank Indonesia
9. Bank Mega
10. Bank Negara Indonesia
11. Bank Pan Indonesia
12. BPD Jabar & Banten
13. Bank Permata
14. Bank Rakyat Indonesia
15. Bank Syariah Mandiri
16. Bank UOB Indonesia
17. Bank Tabungan Negara
18. The Hongkong and Shanghai Bangking Corporation
Investment managers for tax amnesty:
1. PT Ashmore Asset Management Indonesia
2. PT Bahana TCW Investment Management
3. PT Batavia Prosperindo Aset Manajemen
4. PT BNI Asset Management
5. PT BNP Paribas Investment Partners
6. PT Bowsprit Asset Management
7. PT Ciptadana Asset Management
8. PT Danareksa Investment Management
9. PT Eastspring Investments Indonesia
10. PT Indosurya Asset Management
11. PT Mandiri Manajemen Investasi
12. PT Manulife Aset Manajemen Indonesia
13. PT Panin Asset Management
14. PT PNM Investment Management
15. PT Syailendra Capital
16. PT Schroder Investment Management Indonesia
17. PT Sinarmas Asset Management
18. PT Trimegah Asset Management
Securities companies for tax amnesty:
1. PT Bahana Securities
2. PT BNI Securities
3. PT CIMB Securities Indonesia
4. PT CLSA Indonesia
5. PT Daewoo Securities Indonesia
6. PT Danpac Sekuritas
7. PT Indo Premier Securities
8. PT Mandiri Sekuritas
9. PT Mega Capital Indonesia
10. PT MNC Securities
11. PT Pacific Capital
12. PT Panin Sekuritas
13. PT Panca Global Securities
14. PT Pratama Capital Indonesia
15. PT RHB Securities Indonesia
16. PT Sinarmas Sekuritas
17. PT Sucorinvest Central Gani
18. PT Trimegah Sekuritas Indonesia
19. PT UOB Kay Hian Securities
