State housing lender Bank Tabungan Negara (BTN) will join other state banks appointed to absorb repatriated funds in the tax amnesty following the Finance Ministry’s approval for the bank to be issued a license to manage investment accounts.
The government requires all designated banks to offer at least one of three services, namely trustee, custody or investment accounts (RDNs). BTN will offer RDNs and is expected to accommodate the repatriated funds through several instruments, including bonds and negotiable certificates of deposit (NCDs).
BTN president director Maryono said his bank expected to receive Rp 50 trillion (US$3.81 billion) in repatriated funds.
“We will use deposit certificates, asset-backed securities with a form of participant letter (EBA-SP), government retail bonds (ORIs) and government sukuk,” Maryono said on Monday.
He added that repatriated funds would be used to finance real estate and property projects in addition to the provision of cheap loans for developers
Writer: ANTON H
Source: http://www.pengampunanpajak.com
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