Financial Services Authority, Jakarta, August 5, 2016: The Financial Services Authority (OJK) has issued the Financial Services Authority Regulation (POJK) No. 26/POJK.04/2016 on Investment Products within the Capital Market in order to Support the Law on Tax Amnesty.
The POJK signifies the OJK's concrete commitment to supporting the national policy on Tax Amnesty. The OJK realizes that implementation of the Tax Amnesty Law needs full support and immediate responses due to the time limit set by the law.
The issue of the POJK is also expected to give a stronger legal basis and answer some concerns that the public has about investment products in the Capital Market, which are offered as implementation of the Law on Tax Amnesty.
The main points of the POJK include the following matters:
1. Simplification of the process to open securities accounts for taxpayers who have obtained Tax Amnesty certificates. Such taxpayer now can submit the certificate as the main document when opening a securities account.
2. Ease of requirements concerning the presence of target companies for RDPTs [limited participation mutual funds], from the time an RDPTs is first registered until one year following its launch. The requirement ease is essential, in order to give investment managers opportunities to find target companies for the investment portfolios of their RDPTs.
3. The ease comes in form of adjustment on the minimum investment amount required from customers of Customized Securities Portfolio Management (Discretionary Funds or KPD), from a minimum of IDR 10 billion to IDR 5 billion. This is to anticipate taxpayers who repatriate funds of less than IDR 10 billion, so they can invest the funds into KPD.
4. As long as the funds belonged to RDPT or KPD customers have not been invested in Target Companies or Securities Portfolios, Investment Managers that manage:
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