Notification of the Imposition of Stamp Duty on Mutual Fund Investments

In connection with the issuance of Law Number 10 of 2020 concerning Stamp Duty and Government Regulation Number 3 of 2020 concerning the Provision of Facilities for Exemption from the Imposition of Stamp Duty and following up:

1. the letter from PT Kustodian Sentral Efek Indonesia (“KSEI”) number KSEI-0511/DIR/0222 dated 16 February 2022;
2. the letter from KSEI number KSEI-0999/DIR/0422 dated 4 April 2022; and
3. the letter from the Indonesian Association of Mutual Fund and Investment Actors number 037/Sekt-DP/APRDI/III/2022 dated 23 March 2022

we hereby convey the following information:

1. as of 1 March 2022, the consolidated electronic confirmation document of Mutual Fund transactions conducted by the Statement Unit Holder on the same day with the total transaction value above Rp10,000,000 (ten million rupiah) will be subject to Stamp Duty by KSEI as Collector in the amount of Rp10,000 (ten thousand rupiah) which will be charged to the Unit Holder.
2. the types of Mutual Fund transactions subject to Stamp Duty include Subscription, Redemption, Switch-In, Switch-Out, Transfer-Out, Transfer-In, Reinvestment, Liquidation, Unit Adjustment and/or other types of transactions as determined by the Financial Services Authority. For distributed income in the form of cash entitlement is not included in the calculation of the Stamp Duty.
3. KSEI will calculate the Stamp Duty fee proportionally according to the number of Mutual Fund transactions that you do on a daily basis either through BCA or other MFSAs and collect Stamp Duty fees on a monthly basis through BCA as a MFSA for the Mutual Fund transactions that you do through BCA . Below is an illustrative example of the imposition of Stamp Duty

ILLUSTRATION

On 7 March 2022, Harry performs the following Mutual Fund transactions:

MFSA	Type of Transaction	Number of Transactions	Gross Amount (IDR)	Stamp Duty Fee (IDR)
BCA	Subscription	2	5.000.000	2.000
	Redemption		1.000.000	2.000
Bank A	Switch-In	2	2.000.000	2.000
	Switch-Out		2.000.000	2.000
Bank B	Redemption	1	5.000.000	2.000
Total		5	15.000.000	10.000

 

Explanation:

Harry made Subscription, Redemption dan Switching transactions on 7 March 2022 with a total transaction value of Rp15,000,000. In the event that there are more than 1 (one) transaction on the same day, the stamp duty fee will be divided proportionally according to the number transactions made by Harry through each Mutual Fund Selling Agent so that the Stamp Duty fee that will be charged to the customer is Rp4,000 through BCA, Rp4,000 through Bank A, and Rp2,000 through Bank B.

The calculation details are as follows:

• BCA = 2/5 x Rp10,000 = 4,000
• Bank A = 2/5 x Rp10,000 = 4,000
• Bank B = 1/5 x Rp10,000 = 2,000
4. In connection with point c above, BCA will debit the Stamp Duty fee from the customer’s BCA account on the 10^th of each month in accordance with the nominal Stamp Duty invoice submitted by KSEI to BCA. If the 10^th falls outside working days, the Stamp Duty fee will be debited on the next working day. Debiting your account for the payment of Stamp Duty fees will be carried out for the Mutual Fund transactions that you have made  starting from 1 July 2022.

For further information, please contact the nearest BCA branch that serves Mutual Fund transactions or Halo BCA (1500888).