PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2008 and 2007 Expressed in millions of Rupiah, unless otherwise stated
133
56. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES continued
e. Value Added Tax VAT on Bank Syariah Mandiri Murabahah Transactions There is a difference in the point of view concerning tax applied on murabahah transaction between
the Directorate General Taxes DGT Tax Audit Team with Bank Syariah Mandiri BSM. The DGT Tax Audit Team concluded that murabahah transaction is Value Added Tax VAT object
according to the Law No. 8 year 1983 regarding Value Added Tax on Goods and Services and Sales Tax on Luxury Goods and the latest revision in Law No. 18 year 2000 article 1A paragraph 1. Related
to this matter, the tax office issued an under payment tax assessment letter SKPKB No. 000322070207304 on December 13, 2004 for the amount of Rp25,542 for the VAT of 2003 tax year
pertaining to murabahah transactions conducted by BSM. Based on Bank Indonesia Regulation No. 99PBI2007 dated June 18, 2007 regarding the amendment
of Bank Indonesia Regulation No. 821PBI2006 dated October 5, 2006 Concerning Assets Quality Rating For Commercial Banks Conducting Business Based On Syariah Principles, it is stated that sale
and purchase transaction in Murabahah Agreement is a financing transaction. BSM concluded that murabahah is a banking transaction which is excluded from VAT object,
according to the Law No. 8 year 1983 regarding Value Added Tax on Goods and Services and Sales Tax on Luxury Goods and the latest revision in Law No.18, 2000 article 4A paragraph 3 point d, it
is stated that banking transaction is not a VAT object and this is also in accordance with Government Regulation No. 144 year 2000 article 5 point d.
On January 10, 2005, BSM submitted an objection for such SKPKB. Referring to the objection, on December 1, 2005, DGT issued a refusal decision letter No. Kep-277PJ.542005.
The Association of Bank Syariah Indonesia ASBISINDO agree with BSM and on August 3, 2005 ASBISINDO submitted a letter No. 58KU-DPP08.05 to the DGT and requested that VAT should not
be imposed on financing under murabahah scheme by syariah banking.
In an attempt to solve the problem regarding the difference of VAT treatment on murabahah transaction, BSM has arranged a meeting with ASBISINDO, Bank Indonesia and other related
institution, but until now it is still being discussed and no decision has been made yet. Therefore, BSM has not yet made any provision for the under payment of VAT as stated in under payment tax
assessment letter SKPKB No. 000322070207304 for the VAT of 2003 tax year amounting to Rp25,542 or any obligation related to the Value Added Tax VAT on Murabahah Transactions.
f. Sale and purchase of Shares Agreement with PT Tunas Financindo Sarana TFS The acquisition of PT Tunas Financindo Sarana TFS by Bank Mandiri through the purchase of 51
shares from the total issued and fully paid-up shares in TFS directly from PT Tunas Ridean Tbk. and PT Tunas Mobilindo Parama has been approved by TFS shareholders at the Extraordinary General
Shareholders’ Meeting dated September 23, 2008 and Bank Mandiri’s shareholders at Extraordinary General Shareholders’ Meeting dated September 23, 2008. In order to comply with the regulation,
Bank Indonesia in its letter No. 113DPB1TPB1-1 dated January 8, 2009 has approved Bank Mandiri’s capital investments in TFS. Related to the acquisition, on February 6, 2009, Bank Mandiri
conducted signing of Sale and Purchase of Shares Deed, Shareholders’ Agreement, Supporting Function Agreement and Joint Financing Agreement.
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2008 and 2007 Expressed in millions of Rupiah, unless otherwise stated
134
56. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES continued
