Sri Mulyani Ensures Stamp Duty Is Not Collected Per Share Transaction

Minister of Finance, Sri Mulyani. (Photo: Setkab)

JAKARTA - Finance Minister Sri Mulyani Indrawati has confirmed that there will be a stamp duty of IDR 10,000 for stock trading. However, Sri Mulyani confirmed that the fees charged are not per share transaction, but per purchase document or per trade confirmation (TC).

Sri Mulyani said, stamp duty on electronic documents was enforced so that there was equality with conventional documents.

"Now, this stamp duty is a tax on documents or in this case civilization, but the stamp duty is not a tax on transactions," he said, in a virtual KiTa APBN press conference, Monday, December 21.

Sri Mulyani explained that in the stock exchange, stamp duty is imposed on trade confirmations which are electronic documents issued periodically, namely daily on all buying and selling transactions.

"Because what appears as if every share transaction will be subject to stamp duty, even though it is not a tax from the transaction but a tax on the document. So it is not imposed per share sale and purchase transaction as it appears on social media. Rather, it is a periodic transaction," he said.

This state treasurer said, people, especially millennials who are starting to become aware of investment, don't have to worry about the application of this stamp duty. This is because the stamp duty rate will consider the limits of the fairness of the value of the documents and pay attention to the ability of the community.

Sri Mulyani also said that imposing stamp duty rates for electronic documents is considered not to burden the public, including those interested in investing through stock instruments to state-issued retail securities (SBR).

"I am happy that the millennial generation is a generation that is very aware of investment. We are happy that they invest in stocks and retail securities issued by the government, and we do not want and do not aim to eliminate interest in the growth of investors, especially the new generation who will continue to do so," he said.

Currently, said Sri Mulyani, the Directorate General of Taxes is drafting regulations on stamp duty including the scheme to impose electronic documents using electronic stamps.

However, considering that the electronic seal does not yet exist, he continued, the Ministry of Finance is making preparations in the infrastructure for electronic seal manufacturing, distribution and sales.

That way, he said, on January 1, 2021, the imposition of stamp duty for electronic documents will not be applied because it still requires some preparation.

"This trade confirmation is an electronic document, so the stamp duty will also have to be an electronic stamp duty. Currently we are still preparing the entire infrastructure so it does not take effect January 1, 2021," he said.