JAKARTA: The government affirms the taxation for sharia financing to match with the regulation for conventional one.
As stated in Finance Minister Regulation No. 137/PMK.03/2011, leasing based on Islamic principles (ijarah and ijarah muntahiyah bittamlik) will be imposed with tax the same as operating lease and financial lease. (source)
As stated in Finance Minister Regulation No. 137/PMK.03/2011, leasing based on Islamic principles (ijarah and ijarah muntahiyah bittamlik) will be imposed with tax the same as operating lease and financial lease. (source)
“Moreover, profit from factoring wakalah bil ujrah and consumer financing based on murahabah, salam, and istishna will be imposed with income tax according to the regulation of income tax on interest rate,” said Dedi Rudaedi, director of counseling services and public relations at Directorate General of Taxation.
Dedi explained that the regulation covers the procedure of taxation for sharia-based financing, which is similar to that of conventional loan. There has been no regulation on it before.
“It mainly relates to the usage of terms in sharia financing and banking. So, we state the terms in the regulation,” he said.
The regulation also states that the income from credit card and other sharia-based financing will be imposed with income tax, as stated in Law of Income Tax.
The government also regulates income tax for sharia banking with Finance Minister Regulation No. 136/PMK.03/2011.
The regulation states that income tax is imposed to income in the form of bonus, profit sharing, and profit margin. Other income tax is imposed to transaction between sharia banks and customers as the debtors.
Moreover, the amount of tax for sharia financing and sharia banking refers to the regulation of income tax.
“If there is any asset transfer or asset renting to meet the sharia principles, the action is not categorized as asset transfer stated in the Law of Income Tax. Thus, the transfer is considered as direct transfer from the third party to the customer, which is imposed with income tax based on the valid regulation on tax,” Dedi explained.
Clarifying regulation
Indonesian Finance Companies Association (APPI) Chairperson Wiwie Kurnia said that the regulation on taxation for sharia financing would clarify the financial business based on Islamic principles.
“If it’s not changed no more, the regulation will not affect the business. But certainly the regulation will affirm the rules in sharia financing and its taxation,” said Wiwie.
However, the regulation does not mean that sharia-based financing will run the same as conventional financing, added Wiwie.
To support the growth of sharia financing, APPI will keep promoting the industry to public.
Data from the association shows that sharia financing was recorded at IDR344.68 billion in November 2011, declining 31.68% from IDR505.44 billion in the earlier month. (01/BAMBANG P. JATMIKO) (T04/msw)
No comments:
Post a Comment