General & Misc

Finance Ministry proposes Stamp Duty Tariff Change

Date: 03 July 2019; Type: Legal News; Source: Antara

Jakarta, Jul 4 (ANTARA) - The Ministry of Finance has proposed a change in stamp duty tariffs to maintain the continuity of adequate revenue from stamp duty. "The law on stamp duty of 1985 regulated the increase in stamp duty rates to a maximum of only six times the original tariff," Finance Minister Sri Mulyani said at a working meeting with the House of Representatives' Commission XI here Wednesday.

The increase was based on the possibility of increasing stamp duty tariffs to a maximum of six times the initial tariff in 1985 of Rp1,000 and Rp500, Minister Sri Mulyani said.

In addition, the change was also proposed considering the fact that per capita gross domestic product (GDP) in Indonesia had increased by eight times while revenue from stamp duty from 2001 to 2017 had only increased 3.6 times.

Furthermore, based on data from the Directorate General of Tax in 2001, revenue from stamp duty was recorded at Rp1.4 trillion and in 2017 it amounted to Rp5.08 trillion, the minister pointed out.

Therefore, there needed to be a correlation between an increase in revenue and per capita income so that they could be in sync, she said.

On the basis of this growth and to further simplify the designation of stamp duty tariffs, the Ministry of Finance proposed simplifying duties at a fixed tariff of Rp10,000.

The minister hoped that the proposed change could be carried out without burdening the public as there is still a potential to increase revenue from stamp duty.

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