February 25, 2024

We are creating some awesome events for you. Kindly bear with us.

Indonesia Launches E-Stamps to Ease Electronic Transactions

Digital transformation has introduced numerous benefits and changes to the way people work and conduct business. Paperless billing processes are becoming more common and digital a slew of solutions are emerging for every conceivable activity. Administrative procedures are now simpler and faster and physical signatures are being phased out in favour of electronic signatures.

In Indonesia, individuals, businesses, and other organisations must pay stamp duties on certain legal documents. Stamp duty is a one-time tax levied on civil documents and other documents used as evidence in legal proceedings. By law, the Indonesian government has recognised electronic documents as legal and, as such, that can be subject to stamp duty.

The Finance Minister of Indonesia unveiled an electronic seal with a nominal value of 10,000 rupiahs (US$0.70) per stamp that offers a legal guarantee for such electronic documents. According to the minister, the pandemic has accelerated the use of digital technology, including in no-paper transactions. The Director-General of taxation at the Ministry of Finance said electronic stamps are expected to ease public transactions.

We are forced by circumstances to make many transactions switch to digital platforms. Transactions with significant value require physical seals to be affixed to transaction documents, while digital transactions use electronic documents.

– Indonesian Finance Minister

The Indonesian finance ministry’s Directorate General of Taxes made the required technical preparations for stamp duty in one year, working with the state-owned banknote printer and mint to realise what is known as an e-seal or electronic seal. The government has appointed the company as the official manufacturer of electronic stamps in the Southeast Asian country.

The electronic stamps will be phased gradually in Indonesia, with the Ministry of Finance confirming that the first users will be state-owned banks. The Directorate General of Taxes and the stamp manufacturer will closely monitor the security of electronic stamps to prevent crimes such as counterfeiting.

The electronic seals are also predicted to boost state revenue, with the Indonesian finance ministry’s Directorate General of Taxes agency collaborating with the stamp manufacturer, the National Cyber and Crypto Agency (BSSN) and the finance and development supervisory agency BPKP to regulate their use.

E-stamps, as previously mentioned, provide opportunities and convenience for the public to carry out their tax obligations, particularly in civil transactions involving two parties and documents subject to stamp duty. The state-owned Bank Negara Indonesia (BNI) has expressed support for the use of electronic seals on electronic documents as one step toward achieving digital transformation.

“The application of electronic seals on electronic documents is a concrete manifestation of the digital transformation that is also being carried out by BNI,” the bank’s director for small and medium-sized businesses said in a statement. He added that as a state-owned bank, BNI has been committed to using electronic seals within the BNI group to support digital financial transactions in Indonesia.

In the coming years, e-stamps will be used in a variety of public electronic transactions that fall under the purview of the stamp duty regime. He claims that the e-stamp application will provide legal certainty for electronic documents while also optimising state revenues at current stamp duty rates.

To carry out electronic stamping, the government earlier passed Finance Minister Regulations Nos. 133 and 134, which will become effective on October 1, 2021. These two regulations are a continuation of the Stamp Duty Law, which is governed by Government Regulation No. 86 of 2021. The Law establishes a standard tax rate of 10,000 rupiahs (US$0.70) and a new electronic stamp duty system.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend