BTN to become trustee bank for tax amnesty programme
JAKARTA - Bank Tabungan Negara, Indonesia’s only state-owned listed bank that was excluded from the tax amnesty programme, has revealed that it will soon become one of the trustee banks after it introduces an investor account service next month.
The government requires all trustee banks involved in the programme to have at least one of three services – trustee, custody or investor accounts (RDN).
In the preliminary official bank list issued by the finance ministry, BTN was not included as it had yet to have one of the facilities.
“We have just sealed an agreement with Danareksa Investment Management and the RDN service will be available in early August,” BTN president director Maryono said on Wednesday in Jakarta. The bank is preparing asset-backed securities to absorb repatriated funds in the tax amnesty programme.
The investment instrument is targeted to absorb 10 billion rupiah (Bt26.8 million)(US$762 million).
“Our property developer customers are interested in issuing real estate investment trusts (REITs).
“Maybe the amount is not very big, but Danareksa and we are ready to securitise them,” he said.
Developers often raise funds from REITs by securitising assets that generate recurring income, such as malls, hotels, hospitals and offices.
Maryono said the lender had several customers that developed property with recurring incomes.
