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Firms happy with OJK waivers for tax amnesty participants
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The front of the Financial Services Authority (OJK) building. (Kontan /-)
I
ndonesian Listed Companies Association (AEI) chairman Fransiscus Welirang has said association members welcome the waiver provided by the Financial Service Authority (OJK), which eases the process for tax amnesty participants to invest their repatriated funds to a publicly listed company.
The OJK has set a rule for publicly listed companies to open a tender when a new investment in the company changes the share ownership structure significantly, such as a change in controlling shareholders.
For example, when a taxpayer repatriates funds and puts the money into a publicly listed company or declares special purpose vehicle (SPV) in the company and changes the share ownership from the SPV to their own name, the company has to announce a tender to the public to give an opportunity for the public to buy shares.
In the stock market act, if an entity wants to be a new controlling shareholder (ownership more than or equal to 51 percent) it should go through a tender and be announced to the public.
"With the waiver from the OJK, when a new controlling shareholder name arises but they are a participant of the tax amnesty program, then the company does not have to hold a tender," Welirang said at the Indonesia Stock Exchange (IDX) building on Tuesday.
OJK chairman Muliaman Hadad said the company could take advantage of the waiver as long as the change in ownership structure did not dilute public shares to lower than 7.5 percent. (evi)
