The Global Islamic Economic Report also estimates that the value of Islamic financial assets will increase by 13.9% to US$2.88 trillion in 2019. In fact, amid the 2021 pandemic, Indonesian Islamic finance will continue to grow positively. Indonesia is also a major contributor to global sukuk issuance. State sukuk have proven to be a reliable source of financing, as can be seen from data on 3,447 projects financed through sukuk during the 2013-2021 period.
One of the government’s concerns is the taxation aspect related to the delivery of Taxable Goods (BKP) in sharia financing schemes. At the end of 2022, the government issued Government Regulation (PP) Number 44 of 2022, one of which stipulates that submission of BKP in a sharia financing transaction scheme is not included in the definition of submission of BKP.
There are two schemes regulated in this regulation. First, the submission of Taxable Goods in the context of issuing sukuk, including the delivery of Taxable Goods to and from the company issuing the sukuk (special purpose entity). When issuing sukuk, issuers issue sukuk ijarah based on ijarah objects as underlying assets and at the same time investors hand over a number of funds to the issuer. Upon issuance of the sukuk, the issuer transfers the vehicle to the investor and the investor receives the benefits of the ijarah object from the issuer.
Furthermore, the issuer makes payments in the form of installments of the ijarah fee periodically (according to the time in the agreement) along with the remaining ijarah fee at the maturity of the sukuk. According to the agreement, at the maturity of the sukuk, investors will transfer their vehicles to the issuer.
In this scheme, there are two transactions for transferring vehicles as ijarah objects. First, when the issuer hands over the vehicle to the investor at the time of issuance of the sukuk. Second, when the investor hands over the vehicle to the issuer at the maturity of the sukuk. Such delivery is not included in the definition of delivery of Taxable Goods.
This exception applies as long as the BKP is eventually returned to the party that originally submitted it. The Taxable Goods submitted for the purpose of issuing sukuk are assets as stipulated in the provisions of laws and regulations in the field of sharia capital market.