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JAKARTA. Two state-owned enterprises, PT PLN and PT Garuda Indonesia Tbk, have acted quickly on the fifth economy policy package released by the government on Thursday, and started to prepare proposals for asset revaluations.
PLN senior corporate communications manager Bambang Dwiyanto said that the state-owned electricity company would apply for a revaluation of its fixed assets.
"Our asset revaluation plan still remains to be done. As of the third quarter of 2015, PLN has assets of over Rp 600 trillion in total," said Bambang to thejakartapost.com on Friday.
An asset revaluation, he continued, was now a more attractive option for this year due to the substantial tax discounts outlined in the fifth policy package. However, he could not be sure of when and how the revaluation would be performed, especially with only two months left in 2015.
Based on the new policy, a company that files for an asset revaluation this year will be subjected to just 3 percent income tax, down from the previous rate of 10 percent. If the proposal is registered in the first half of 2016, the tax will be 4 percent, and in the second half of next year, 6 percent.
Meanwhile, Garuda Indonesia finance director Ari Askhara said the company would begin to revalue its assets next month and continue gradually into next year. In the last two months of 2015, the revaluation would mainly look at its land and building assets, he said.
Garuda Indonesia’s total assets are currently worth US$3.1 billion and the airline is ready to pay the income tax for the asset revaluation as it has sufficient funds, he added.
State-Owned Enterprises Minister Rini Soemarno said her ministry had started to list state-owned companies that could benefit from an asset revaluation. The energy companies, she said, as well as food-related companies, would be prioritized.
"[The asset revaluation of] PLN and Bulog are a priority," she mentioned.
Both companies have extensive assets. Thus, the revaluation of their fixed assets could increase their equity, allowing them to take out more loans and expand their business. (Arif Gunawan Sulistiyono)
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