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Jakarta, Ideatax -- The executive head of the Supervisor of Financing, Venture Companies, Microfinance Institutions, and Financial Services Authority (OJK), Agusman, said that the fintech industry contribution to the economy in Indonesia is quite significant. It can be seen from the value of distributed loans by the fintech industry, reaching 700 trillion rupiah (Bisnis Indonesia 2023).
Due to the huge amount of money disbursed by the fintech industry, OJK recently published a road map for the development and strengthening of Technology-Based Shared Funding Services or Layanan Pendanaan Bersama Berbasis Teknologi (LPBBTI) (Berita Satu 2023). In addition, the issuance of this roadmap is also based on the rise of illegal online loans. Therefore, the government, through OJK, feels the need to develop a road map for the peer-to-peer (P2P) lending industry development. The roadmap of the fintech industry development is in OJK Circular Letter Number 19 of 2023 concerning the Implementation of Information Technology-Based Services. Through this provision, OJK regulates the mechanism for providing, managing, and operating information technology-based crowd-funding.
In addition, the provisions also regulate the implementation of Sharia-based crowd-funding business activities, the use of outsourcing, risk mitigation for users, and the level of funding quality. Concerning taxes, this provision mentions the word "tax" 11 times. However, tax in the context of this regulation is only limited to the administrative requirements needed for service users to obtain funds. For example, point IV number 3 letter d of SEOJK number 13 of 2023 stipulates that digital-based crowd-funding organizers must verify the authenticity of prospective fund users' documents, one of which is the Taxpayer Identification Number.
The next point stipulates that digital-based crowd-funding organizers must analyze the identities of prospective fund users, one of which is the Taxpayer Identification Number (NPWP) for both individual and corporate taxpayers.
Linked to the Minister of Finance Regulation Number 12/PMK.03/2022 concerning Individual Taxpayer Identification Numbers, Corporate Taxpayers, and Government Agency Taxpayers as amended by PMK 136 of 2023, there will be at least several implications that may occur.
- Funding providers may experience difficulties in identifying and analyzing whether prospective customers have an NPWP or not. This is because PMK 136 of 2023 stipulates that starting July 1, 2024, individual taxpayers will use the Customs Identification Number or Nomor Induk Kependudukan (NIK) as the Taxpayer Identification Number. Thus, all forms of tax administration will use the Customs Identification Number starting in the middle of next year.
- The Customs Identification Number use as a means of tax administration, especially in the fintech industry, may raise confidentiality issues. It is because, with the NIK use as a TIN, the taxpayer's Customs identity number who makes loans to fintech will be known to other parties.
There are essentially a few things that the government and OJK, as regulators, and the fintech sector as an operator, may do to address these issues.
- The fintech industry needs to require a soft copy of NPWP for prospective customers who apply for funding loans to make it easier for prospective lenders to identify and analyze the authenticity of the documents of prospective fund users.
- Fund managers must protect the privacy of the PINs supplied by potential clients only for operations about the fintech sector's business procedures. As is well known, the primary resource for business actors operating in the financial services sector is trust.
- The government and OJK, as regulators, can provide NIK and NPWP check services for business actors who provide funding loans to strengthen the process of analyzing the profile of prospective customers, which in turn can reduce the potential for bad debt.
References
Berita Satu. 2023. OJK Susun Roadmap Fintech Lending, 5 Hal Ini Jadi Perhatian. Desember 22. https://www.beritasatu.com/ekonomi/1071693/ojk-susun-roadmap-fintech-lending-5-hal-ini-jadi-perhatian.
Bisnis Indonesia. 2023. Peta Jalan dan Surat Edaran Baru Bagi Industri Pinjol, Jurus Penangkal Fintech Ilegal. Desember 19. https://finansial.bisnis.com/read/20231219/563/1725136/peta-jalan-dan-surat-edaran-baru-bagi-industri-pinjol-jurus-penangkal-fintech-ilegal.
