VAT Becomes 12 Percent In 2025, KSEI Waits For Implementation Instructions

KSEI Finance and Administration Director Imelda Sebayang (Photo: Aris Nurjani/VOI)

PT Kustodian Sentral Efek Indonesia (KSEI) is still reviewing the impact and implementation of the 12 percent Value Added Tax (VAT) policy which took effect on January 1, 2025, on the cost of services used by capital market investors.

KSEI Finance and Administration Director Imelda Sebayang explained that currently his party is still in the study stage regarding the impact of the 12 percent VAT policy in 2025 on the cost of services used by capital market investors.

Therefore, Imelda said that KSEI is still waiting for the official implementation rules or instructions (juklak) from the Directorate General of Taxes (DJP) of the Ministry of Finance and KSEI to establish intensive communication with DGT and coordinate with tax consultants.

"Currently, official juklak has not been issued, and we are also currently communicating intensively with the Directorate General of Taxes, as well as conducting joint studies, coordinating with our tax consultants," he said at the KSEI 27th Anniversary celebration event in Jakarta on Monday, December 23.

Regarding the possible impact on service costs, Imelda stated that until now, his party has not seen any such impact. If there is a change, KSEI, as a provider of capital market infrastructure, will provide notifications to related parties.

"So far we have not seen this impact, and later if there is, it is certain that as part of our responsibility as an infrastructure provider for the capital market, a notification will definitely be given if there is one," he said.

Imelda said that for the time being his party was still waiting for further technical instructions from the competent authorities.

According to Imelda, the costs charged by his party are related to storage services and settlement services, which are usually subject to VAT. However, he stressed that until now there has been no confirmation regarding the impact of the increase and his party is still waiting for further directions.

"The fee we are burdening is related to storage services and settlement services, now that's what is usually affected by VAT, so I emphasize again, there has been no confirmation regarding the impact of the increase. So we are still waiting for further directions," he concluded.