- Dito Ganinduto, the Head of Commission IX at the House of Representatives (Dewan Perwakilan Rakyat - “DPR”), has revealed that the DPR agreed to promulgate the Draft Bill on Stamp Duty (“Bill”) during a plenary meeting which was held on 29 September 2020. The final draft of the Bill comprises 12 chapters and 32 articles which now accommodate criminal sanctions and various other provisions.
- The Bill addresses several matters, including: 1) Stipulation of a flat stamp tariff of IDR 10,000 regardless of the transaction values stated in documents; 2) Relaxation of the transaction value threshold for documents which are required to have stamps affixed to them, specifically transaction documents which address values in excess of IDR 5 million only now require stamp duty; 3) Mandates that stamps should be affixed to all forms of document, whether in hardcopy or electronic form; 4) Emphasizes the fact that sanctions will be imposed for any non-compliance and delays regarding the settlement of stamp duty, as well as in relation to any unlawful distribution, sale and utilization of outdated stamps.
- Indonesia’s Minister of Finance, Sri Mulyani, has expressed her support for the promulgation of the Bill, stating that the prevailing legal framework governing stamp duty, as specifically addressed under Law No. 13 of 1985, is no longer applicable under current conditions. Moreover, the promulgation of the Bill is expected to optimize state revenue, which can subsequently be used for national development. (ANT)
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