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Jakarta Post

HSBC, BTN replace Stanchart, Deutsche bank as tax amnesty gateways

  • Ayomi Amindoni
    Ayomi Amindoni

    The Jakarta Post

Jakarta   /   Tue, August 9, 2016   /  04:23 pm
HSBC, BTN replace Stanchart, Deutsche bank as tax amnesty gateways 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/-)

The 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