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Ada Pertanyaan? Hubungi Kami Marcell Sihombing, ANT
OJK's Office. Photo by: RES
The Financial Services Authority (OJK) has announced that it is planning to hold discussions with the relevant regulatory institutions regarding the taxation policy that will eventually be imposed upon Repo (repurchase-agreement) transactions. This initiative is being taken in order to improve and stimulate activity within the domestic Repo-transaction sector.
“We are hoping that the introduction of some form of tax incentive will be able to accelerate the development of the Repo-transaction sector. In fact, we sent an official letter to the Coordinating Minister of Economic Affairs [Coordinating Minister] on December 2015 in order to request the formulation of a regulation relating to the taxation of Repo transactions,” stated Mrs. Nurhaida, the OJK’s Chief Executive of Capital-Market Oversight, in Jakarta on Friday, 29 January 2016.
Mrs. Nurhaida further revealed that in response to the letter, a preliminary meeting attended by both the OJK and the Coordinating Minister’s financial-service experts was held towards the middle of January 2016. This preliminary meeting is to be followed up by a technical meeting that is set to be attended by the OJK, the Fiscal Policy Institution (Badan Kebijakan Fiskal - BKF), and the Directorate General of Tax (DJP).
“It is hoped that a prospective taxation policy can be discussed in detail at the technical level,” asserted Mrs. Nurhaida.
Mrs. Nurhaida also announced that deliberations over a set of accounting standards for Repo transactions had been initiated, and that these discussions involved the Financial Accounting Standards Council and the overseers of the financial-services industry.
“We will see whether a specific accounting standard for the purpose of Repo-transaction bookkeeping can be formulated,” concluded Mrs. Nurhaida.
Agreement Documents
The OJK has also just launched the Global Master Repurchase Agreement (GMRA) Indonesia, an agreement document that must be utilized when a financial-service institution engages in a Repo transaction. According to Muliaman D. Hadad, the OJK’s Board of Commissioners Chair, the launch of GMRA Indonesia is intended to develop the market and also to help with the implementation of the Repo-market infrastructural development program.
“The launch of GMRA Indonesia was driven by the need for a standardized repurchase agreement,” explained Mrs. Nurhaida.
Mrs. Nurhaida pointed to the current practice whereby the mechanism and agreement of Repo transactions differs between sectors or parties, which can result in a number of issues and problems cropping up. It is hoped that the launch of GMRA Indonesia will be able to bring about a standardized Repo-transaction practice across all sectors and that, as a result, Indonesia’s Repo market will be able to achieve greater depth and an optimum level of utilization.
According to Mrs. Nurhaida, GMRA Indonesia has adopted the standardized GMRA that was formulated by the International Capital-Market Association (ICMA), although several modifications have been introduced in order to conform with the expectations of Indonesian Repo parties and the legal situation in the country. “Several [modified] clauses have been incorporated under GMRA Indonesia, including the mandatory transfer of ownership during each Repo transaction leg, and margin-maintaining and failure-handling processes,” explained Mrs. Nurhaida.
Mrs. Nurhaida also revealed that several follow-up programs aimed at the smooth implementation of GMRA Indonesia had been introduced, including the formulation of market-conduct measures which will apply to the parties involved in Repo transactions, the development of tri-party Repo transactions, the development of a Repo-transaction settlement system, and the ongoing effort to establish a special-tax on Repo transactions.
(rfs/sp)
“We are hoping that the introduction of some form of tax incentive will be able to accelerate the development of the Repo-transaction sector. In fact, we sent an official letter to the Coordinating Minister of Economic Affairs [Coordinating Minister] on December 2015 in order to request the formulation of a regulation relating to the taxation of Repo transactions,” stated Mrs. Nurhaida, the OJK’s Chief Executive of Capital-Market Oversight, in Jakarta on Friday, 29 January 2016.
Mrs. Nurhaida further revealed that in response to the letter, a preliminary meeting attended by both the OJK and the Coordinating Minister’s financial-service experts was held towards the middle of January 2016. This preliminary meeting is to be followed up by a technical meeting that is set to be attended by the OJK, the Fiscal Policy Institution (Badan Kebijakan Fiskal - BKF), and the Directorate General of Tax (DJP).
“It is hoped that a prospective taxation policy can be discussed in detail at the technical level,” asserted Mrs. Nurhaida.
Mrs. Nurhaida also announced that deliberations over a set of accounting standards for Repo transactions had been initiated, and that these discussions involved the Financial Accounting Standards Council and the overseers of the financial-services industry.
“We will see whether a specific accounting standard for the purpose of Repo-transaction bookkeeping can be formulated,” concluded Mrs. Nurhaida.
Agreement Documents
The OJK has also just launched the Global Master Repurchase Agreement (GMRA) Indonesia, an agreement document that must be utilized when a financial-service institution engages in a Repo transaction. According to Muliaman D. Hadad, the OJK’s Board of Commissioners Chair, the launch of GMRA Indonesia is intended to develop the market and also to help with the implementation of the Repo-market infrastructural development program.
“The launch of GMRA Indonesia was driven by the need for a standardized repurchase agreement,” explained Mrs. Nurhaida.
Mrs. Nurhaida pointed to the current practice whereby the mechanism and agreement of Repo transactions differs between sectors or parties, which can result in a number of issues and problems cropping up. It is hoped that the launch of GMRA Indonesia will be able to bring about a standardized Repo-transaction practice across all sectors and that, as a result, Indonesia’s Repo market will be able to achieve greater depth and an optimum level of utilization.
According to Mrs. Nurhaida, GMRA Indonesia has adopted the standardized GMRA that was formulated by the International Capital-Market Association (ICMA), although several modifications have been introduced in order to conform with the expectations of Indonesian Repo parties and the legal situation in the country. “Several [modified] clauses have been incorporated under GMRA Indonesia, including the mandatory transfer of ownership during each Repo transaction leg, and margin-maintaining and failure-handling processes,” explained Mrs. Nurhaida.
Mrs. Nurhaida also revealed that several follow-up programs aimed at the smooth implementation of GMRA Indonesia had been introduced, including the formulation of market-conduct measures which will apply to the parties involved in Repo transactions, the development of tri-party Repo transactions, the development of a Repo-transaction settlement system, and the ongoing effort to establish a special-tax on Repo transactions.
(rfs/sp)
Marcell Sihombing, ANT
OJK's Office. Photo by: RES
The Financial Services Authority (OJK) has announced that it is planning to hold discussions with the relevant regulatory institutions regarding the taxation policy that will eventually be imposed upon Repo (repurchase-agreement) transactions. This initiative is being taken in order to improve and stimulate activity within the domestic Repo-transaction sector.
“We are hoping that the introduction of some form of tax incentive will be able to accelerate the development of the Repo-transaction sector. In fact, we sent an official letter to the Coordinating Minister of Economic Affairs [Coordinating Minister] on December 2015 in order to request the formulation of a regulation relating to the taxation of Repo transactions,” stated Mrs. Nurhaida, the OJK’s Chief Executive of Capital-Market Oversight, in Jakarta on Friday, 29 January 2016.
Mrs. Nurhaida further revealed that in response to the letter, a preliminary meeting attended by both the OJK and the Coordinating Minister’s financial-service experts was held towards the middle of January 2016. This preliminary meeting is to be followed up by a technical meeting that is set to be attended by the OJK, the Fiscal Policy Institution (Badan Kebijakan Fiskal - BKF), and the Directorate General of Tax (DJP).
“It is hoped that a prospective taxation policy can be discussed in detail at the technical level,” asserted Mrs. Nurhaida.
Mrs. Nurhaida also announced that deliberations over a set of accounting standards for Repo transactions had been initiated, and that these discussions involved the Financial Accounting Standards Council and the overseers of the financial-services industry.
“We will see whether a specific accounting standard for the purpose of Repo-transaction bookkeeping can be formulated,” concluded Mrs. Nurhaida.
Agreement Documents
The OJK has also just launched the Global Master Repurchase Agreement (GMRA) Indonesia, an agreement document that must be utilized when a financial-service institution engages in a Repo transaction. According to Muliaman D. Hadad, the OJK’s Board of Commissioners Chair, the launch of GMRA Indonesia is intended to develop the market and also to help with the implementation of the Repo-market infrastructural development program.
“The launch of GMRA Indonesia was driven by the need for a standardized repurchase agreement,” explained Mrs. Nurhaida.
Mrs. Nurhaida pointed to the current practice whereby the mechanism and agreement of Repo transactions differs between sectors or parties, which can result in a number of issues and problems cropping up. It is hoped that the launch of GMRA Indonesia will be able to bring about a standardized Repo-transaction practice across all sectors and that, as a result, Indonesia’s Repo market will be able to achieve greater depth and an optimum level of utilization.
According to Mrs. Nurhaida, GMRA Indonesia has adopted the standardized GMRA that was formulated by the International Capital-Market Association (ICMA), although several modifications have been introduced in order to conform with the expectations of Indonesian Repo parties and the legal situation in the country. “Several [modified] clauses have been incorporated under GMRA Indonesia, including the mandatory transfer of ownership during each Repo transaction leg, and margin-maintaining and failure-handling processes,” explained Mrs. Nurhaida.
Mrs. Nurhaida also revealed that several follow-up programs aimed at the smooth implementation of GMRA Indonesia had been introduced, including the formulation of market-conduct measures which will apply to the parties involved in Repo transactions, the development of tri-party Repo transactions, the development of a Repo-transaction settlement system, and the ongoing effort to establish a special-tax on Repo transactions.
(rfs/sp)
“We are hoping that the introduction of some form of tax incentive will be able to accelerate the development of the Repo-transaction sector. In fact, we sent an official letter to the Coordinating Minister of Economic Affairs [Coordinating Minister] on December 2015 in order to request the formulation of a regulation relating to the taxation of Repo transactions,” stated Mrs. Nurhaida, the OJK’s Chief Executive of Capital-Market Oversight, in Jakarta on Friday, 29 January 2016.
Mrs. Nurhaida further revealed that in response to the letter, a preliminary meeting attended by both the OJK and the Coordinating Minister’s financial-service experts was held towards the middle of January 2016. This preliminary meeting is to be followed up by a technical meeting that is set to be attended by the OJK, the Fiscal Policy Institution (Badan Kebijakan Fiskal - BKF), and the Directorate General of Tax (DJP).
“It is hoped that a prospective taxation policy can be discussed in detail at the technical level,” asserted Mrs. Nurhaida.
Mrs. Nurhaida also announced that deliberations over a set of accounting standards for Repo transactions had been initiated, and that these discussions involved the Financial Accounting Standards Council and the overseers of the financial-services industry.
“We will see whether a specific accounting standard for the purpose of Repo-transaction bookkeeping can be formulated,” concluded Mrs. Nurhaida.
Agreement Documents
The OJK has also just launched the Global Master Repurchase Agreement (GMRA) Indonesia, an agreement document that must be utilized when a financial-service institution engages in a Repo transaction. According to Muliaman D. Hadad, the OJK’s Board of Commissioners Chair, the launch of GMRA Indonesia is intended to develop the market and also to help with the implementation of the Repo-market infrastructural development program.
“The launch of GMRA Indonesia was driven by the need for a standardized repurchase agreement,” explained Mrs. Nurhaida.
Mrs. Nurhaida pointed to the current practice whereby the mechanism and agreement of Repo transactions differs between sectors or parties, which can result in a number of issues and problems cropping up. It is hoped that the launch of GMRA Indonesia will be able to bring about a standardized Repo-transaction practice across all sectors and that, as a result, Indonesia’s Repo market will be able to achieve greater depth and an optimum level of utilization.
According to Mrs. Nurhaida, GMRA Indonesia has adopted the standardized GMRA that was formulated by the International Capital-Market Association (ICMA), although several modifications have been introduced in order to conform with the expectations of Indonesian Repo parties and the legal situation in the country. “Several [modified] clauses have been incorporated under GMRA Indonesia, including the mandatory transfer of ownership during each Repo transaction leg, and margin-maintaining and failure-handling processes,” explained Mrs. Nurhaida.
Mrs. Nurhaida also revealed that several follow-up programs aimed at the smooth implementation of GMRA Indonesia had been introduced, including the formulation of market-conduct measures which will apply to the parties involved in Repo transactions, the development of tri-party Repo transactions, the development of a Repo-transaction settlement system, and the ongoing effort to establish a special-tax on Repo transactions.
(rfs/sp)