New Stamp Duty Regulation
The Government of Indonesia has issued Law Number 10 of 2020 concerning Stamp Duty and its derivatives regulation (Ministry of Finance Regulation Number 4/PMK.03/2021 concerning Payment of Stamp Duty, General and Special Characteristics of Stamp Duty, Stamp in Other Forms, and Determination of the Legality of the Stamp, and Subsequent Stamp) ("New Stamp Duty Regulation"). It has been applicable since 01 January 2021.
The New Stamp Duty Regulation replaces Law Number 13 of 1985 concerning Stamp Duty and its various derivatives regulations. One of the changes due to the New Stamp Duty Regulation is the Object of Stamp Duty. The Object of Stamp Duty now includes, but is not limited to, Agreement documents, declaration letter, statement letter, Notary deed, Deed of official certifier of title deeds, securities, various transactions of securities documents, documents stating a nominal value of more than five million Rupiah, and other documents stipulated by a Government Regulation.
Another change in the New Stamp Duty Regulation is the Stamp Duty's fee and nominal. Past regulations state that the Stamp Duty's fee and nominal are three thousand Rupiah (Rp 3,000 ) or six thousand Rupiah (Rp 6,000 ). However, the New Stamp Duty Regulation states that the Stamp Duty's fee and nominal sum shall be ten thousand Rupiah (Rp 10,000 ). Notwithstanding, the New Stamp Duty Regulation allows a transition period from the three thousand Rupiah (Rp 3,000 ) and/or six thousand Rupiah (Rp 6,000 ) nominal value to ten thousand Rupiah (Rp 10,000 ) nominal value until 31 December 2021, by allowing Stamp Duty's payment with the total value of Stamp Duty affixed to the Document at least nine thousand Rupiah (Rp 9,000).
Based on the provision above, It is crucial for business actors to comprehend the New Stamp Duty Regulation, to Pay the Stamp Duty owed on their documents accordingly. Marccus Partners will provide the latest updates on the regulations, thus enabling clients to keep fully up-to-date.
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