He promised that if successful, tax incentives would be granted to support the country’s capital market.
“The stock exchange director requested incentives repeatedly, but I said I will only provide incentives if investor behavior in the capital market is cleaned up. This means controlling manipulative activities so that small investors are protected, then I will consider the incentives,” Purbaya said after attending the “Capital Market Players Dialogue with the Finance Minister” in Jakarta on Thursday.
Purbaya explained that he first focused on reforming tax officials at the Directorate General of Taxes within the Finance Ministry to prevent misconduct going forward.
However, if issues persist, he said the Indonesia Stock Exchange (BEI) could approach him again to discuss appropriate incentives to further develop the capital market.
“If I can clean up tax officials so they don’t cause problems, their concerns should be gone. But if problems still arise after reforms, they can come back to me, and I will consider what incentives are suitable to support and grow Indonesia’s capital market industry,” he said.
Purbaya emphasized that the primary goal of the Finance Ministry’s policies is to boost the national economy, not just the capital market.
“I still have sufficient funds to increase incentives if necessary. Naturally, if the economy is doing well, the stock market rises, so stock market movements reflect investor expectations about the future,” he said.
He also reminded that the policy to shift liquidity amounting to IDR 200 trillion (USD 12.08 billion) from Bank Indonesia (BI) to the State-Owned Banks Association (Himbara) has only been implemented for about a month, and its full effects will be felt over time.
“The liquidity transfer has been running for less than a month - it’s impossible for funds to move suddenly. But they can anticipate what the economy will look like, and I think today’s discussion will give them more confidence that the improvements are structural and will continue to develop,” Purbaya added.
The dialogue was also attended by OJK Board of Commissioners Chair Mahendra Siregar OJK’s Executive Head of Capital Market, Finance, Derivatives, and Carbon Exchange Inarno Djajadi, and Indonesia Stock Exchange President Director Iman Rachman along with other BEI directors.
Related news: OJK strengthens capital market through three strategic pillars
Translator: Muhamad, Azis Kurmala
Editor: Primayanti
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