Article Sidebar

Download
PDF
Statistic
Read Counter : 164 Download : 735

Main Article Content

Abstract

There are two fundamental issues of taxing repo based on Indonesian Income Tax Law. First, there is no specific tax law addressing repo transaction and second, Indonesia applies hybrid income tax system, global and schedular income tax. This paper aims to describes and analyses two perspectives, the global dan schedular system, of taxing repo based on Indonesian Income Tax Law. From legal perspective, a repo is taxed under schedular income tax system where it views a repo as two transactions. Meanwhile, from economic perspective, a repo is viewed as a single transaction that is based on comprehensive income tax system. Although, prevailing law principle favors the first perspective, the latter is logically more sensible and far more equitable than the first. Regulatory measures based on a comprehensive income tax system are needed to resolve the dispute.

Keywords

Repurchase Agreement Legal Perspective Economic Perspective Comprehensive Income Tax System Schedular Income Tax System

Article Details

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite
Indradi. (2023). Repurchase Agreement: Dual Perspectives in Indonesian Income Tax Law. Ilomata International Journal of Tax and Accounting, 4(2), 250-264. https://doi.org/10.52728/ijtc.v4i2.712

References

  1. Bank Indonesia. (n.d.). 7 Day Reverse Repo Rate (BI7DRR). BI. Retrieved March 24, 2023, from https://www.bi.go.id/id/fungsi-utama/moneter/bi-7day-rr/default.aspx#:~:text=%E2%80%8
  2. BApa%20Itu%20BI%2D7%20Day% 20Reverse% 20Repo% 20Rate%20(BI7DRR),- Bank%20Indonesia%20melakukan&text=Instrumen%20BI%207%2DDay%20(Reverse,uang%2
  3. C%20perbankan%20dan%20sektor%20r
  4. Choudhry, M. (2010). The Repo Handbook. Oxford: Butterworth–Heinemann.
  5. Dwijayanto, A. (2016, January 29). OJK resmi berlakukan GMRA dalam transaksi repo. Kontan.co.id. Retrieved March 24, 2023, from https://investasi.kontan.co.id/news/ojk-resmi-berlakukan-gmra-dalam-transaksi-repo
  6. Fernando, J . (2022). Manufactured Payment. https://www.investopedia.com/terms/m/manufacturedpayment.asp
  7. Holmes, K. (1999). The Concept of Income . Amsterdam: IBFD.
  8. IAS Plus. (2012, July 31). IAS Plus. IAS 39 — Financial Instruments: Recognition and Measurement. Retrieved March 24, 2023, from https://www.iasplus.com/en/standards/ifrs/ifrs9
  9. IAS Plus. (2012, May 30). IAS Plus. IFRS 9 – Financial Instruments. Retrieved March 24, 2023, from https://www.iasplus.com/en/standards/ias/ias39
  10. IFRS Foundation. (2017, March 28). IFRS Standards Application Around The World. IFRS. https://www.ifrs.org/use-around-the-world/use-of-ifrs-standards-by-jurisdiction/view-jurisdiction/indonesia/
  11. International Capital Market Association. (n.d.). 1. What is a repo?. Retrieved March 24, 2023 from https://www.icmagroup.org/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-publications/frequently-asked-questions-on-repo/1-what-is-a-repo/
  12. Kurniawan, G. (2014, August 13). Transaksi Pasar Uang Antar Bank Melonjak. Bisnis.com. Retrieved March 13, 2023, from https://finansial.bisnis.com/read/20140813/90/249517/transaksi-pasar-uang-antar-bank-melonjak
  13. Linos, K., & Carlson, M. (2017). Qualitative Methods for Law Review Writing. University of Chicago Law Review, 213-238.
  14. Reiff, N. (2022, June 18). Bonds: Fixed Income. Retrieved March 24, 2023 from https://www.investopedia.com/terms/r/repurchaseagreement.asp
  15. The Government of The Republic of Indonesia. (1983, December 31). Law Number 6 Year 1983 concerning General Provisions and Tax Procedures.
  16. The Government of The Republic of Indonesia. (1983, December 31). Law Number 7 Year 1983 concerning Income Tax
  17. The Government of The Republic of Indonesia. (1991, December 30). Law Number 7 Year 1991 concerning Amendment of Law Number 7 Year 1983 concerning Income Tax.
  18. The Government of The Republic of Indonesia. (1994, November 9). Law Number 9 Year 1994 concerning Amendment of Law Number 6 Year 1983 concerning General Provisions and Tax Procedures.
  19. The Government of The Republic of Indonesia. (1994, November 9). Law Number 10 Year 1994 concerning Amendment of Law Number 7 Year 1983 concerning Income Tax as Amended By Law Number 7 Year 1991.
  20. The Government of The Republic of Indonesia. (2000, August 2000). Law Number 16 Year 2000 concerning Second Amendment of Law Number 6 Year 1983 concerning General Provisions and Tax Procedures.
  21. The Government of The Republic of Indonesia. (2000, August 2). Law Number 17 Year 2000 concerning Third Amendment of Law Law Number 7 Year 1983 concerning Income Tax.
  22. The Government of The Republic of Indonesia. (2007, July 17). Law Number 28 Year 2007 concerning Third Amendment of Law Number 6 Year 1983 concerning General Provisions and Tax Procedures.
  23. The Government of The Republic of Indonesia. (2008, September 23). Law Number 36 Year 2008 concerning Fourth Amendment of Law Number 7 Year 1983 concerning Income Tax.
  24. The Government of The Republic of Indonesia. (2020, November 2). Law Number 11 Year 2020 concerning Job Creation.
  25. The Government of The Republic of Indonesia. (2021, October 29). Law Number 7 Year 2021 concerning Harmonization of Tax Regulations.
  26. The Government of The Republic of Indonesia. (1994, December 23). Government Regulation Number 41 Year 1994 concerning Income Tax on Income from Sale of Stock on Stock Exchange.
  27. The Government of The Republic of Indonesia. (1997, May 29). Government Regulation Number 14 Year 1997 concerning Amendment of Government Regulation Number 41 Year 1994 concerning Income Tax on Income From Sale of Stock on Stock Exchange.
  28. The Government of The Republic of Indonesia. (2010, December 30). Government Regulation Number 94 Year 2010 concerning Calculation of Taxable Income and Settlement of Income Tax in The Current Year.
  29. The Government of The Republic of Indonesia. (n.d.). Government Regulation Number 45 Year 2019 concerning Amendment of Government Regulation Number 94 Year 2010 concerning Calculation of Taxable Income and Settlement of Income Tax in The Current Year.
  30. The Government of The Republic of Indonesia. (2021, August 30). Government Regulation Number 91 Year 2021 concerning Income Tax on Income in Form of Bond Interest Which is Received or Accrued by Resident Taxpayer and Permanent Establishment.