Market Players Demand Tax-Free Mutual Funds

VIVAnews - Market players hope that mutual funds would not be assessed for final income tax.

"15 percent tax assessment is burdensome," said Director of Schroeder Investment Management Michael Tjoajadi on Friday, Dec 19, at the Indonesian Stock Exchange (IDX). 

Tjoajadi went on to say that the Indonesian Mutual Funds Management Association (APRDI) also expected that mutual funds to be tax free. "Tax exemption should be valid forever," he said. 

He said that tax regulation can be enacted even though no governmental regulations on mutual funds taxation are available yet. "Governmental regulations can be issued later. But [tax regulation] is retroactive," he said.

Earlier, the Directorate General of Taxes had planned to revise governmental regulations on income tax for the mutual funds industry.

"Mutual funds players don't have to worry. There has to be something new because everything has been calculated," said Director of Tax Regulation II at the Directorate General of Taxes, Djonifer Abdul Fatah.

According to Fatah, the directorate is preparing the regulation in the Department of Finance. "Whatever the result is, it will be announced. For the time being, the formulation is not yet completed," he said.

Directorate General of Taxes, said Fatah, can only assure that the regulation will be issued by January 2009.

The government had earlier proposed that final income tax assessed to mutual funds would be 0.05 percent, imposed when an investor sells or redeems fund. The tax is assessed on every mutual funds transaction that a taxpayer carries out.

Translated by: Bonardo Maulana Wahono

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VIVA.co.id

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