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07 June 2007
Tax Directorate General Oversees Indosat Tax Problem


The Tax Directorate General has acknowledged that there has been a decrease in the tax deposits from PT Indosat Tbk.'s revenues during the last couple of years.

However, tax officials have not yet carried out an investigation as there are not any indications of tax manipulations by Indosat, in which Singapore Technologies (ST) Telemedia owns the majority shares.

“We've collected the dossiers but they are insufficient as there must be indications of (tax) manipulation,” said Darmin Nasution, Tax Director General, Jakarta yesterday (5/6).

Signals of the state's losses due to Indosat's tax income and dividend shortfalls amounting to around Rp323 billion were brought up by Dradjad H. Wibowo, a member of the House's Banking and Finance Commission.

According to him, the potential income tax losses are Rp196 billion, the potential loss of revenue from dividends Rp65 billion and the potential loss of income tax from dividends Rp62 billion.

The losses were due to Indosat's mismanagement in carrying out derivative transactions.

Darmin asked that Indosat's tax manipulation allegation not to be taken for granted as it must be proved first.

“It's really a loss or a manipulation. Those must be differed. If it's a loss, we (Tax Directorate Genera) can't do anything. But the Capital Market Supervisory Board (Bapepam) might,” he said.

Wong Heang Tuck, PT Indosat Tbk.'s Finance Director, stated he was ready to be checked by Bapepam regarding Indosat's loss and tax deposit potential loss due to derivative transactions.

However, he denied that the losses were because of mismanagement or foreign currency speculation activities.

“Moreover, derivative transactions are not against tax rules,” he said after the nnual General Shareholders' Meeting (AGM) in Jakarta yesterday.

According to him, Indosat's derivative transactions were included in the financial statement submitted to Bapepam and the United States Security and Exchange Commission (SEC).

Indosat will continue carrying out derivative transactions until the end of Indosat's Dollar bonds I and II issuing terms.

“Indosat has the obligation of hedging at least 50 percent of the total long-term debt obligation.”

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