PT Timor managed by government<\/p>\n
I once read in a Jakarta daily that Minister of Industry and
\nTrade Rahardi Ramelan said that if by March 26, 1999, PT Timor
\nPutera Nasional (PT TPN) had not settled its tax debt amounting
\nto Rp 3.029 trillion, its assets would be managed by the
\ngovernment. It is not clear, however, what is meant by \"managed\".<\/p>\n
It should be noted that Law No. 19\/1999 stipulates a provision
\non the procedure for tax collection with a distress warrant. If
\nafter the issuance of a distress warrant the tax debt is still
\nunpaid, the taxpayer's fixed and movable assets may be
\nconfiscated by a tax agency. If the tax debt is still owing even
\nafter asset confiscation, the assets will be publicly auctioned
\nthrough the State Auction Office. It should also be noted that in
\nthe case of PT TPN, only the assets owned by this company would
\nbe confiscated, not the entire PT TPN as a statutory body plus
\nall its rights and liabilities. PT TPN would continue to exist
\nuntil pronounced bankrupt by a court of law at the request of the
\ndebtors. If the government wishes to control the assets of PT
\nTPN, it must purchase them through the auction and cannot simply
\ncontrol them. In this case, the government must weigh thoroughly
\nthe advantages and the disadvantages of managing or taking over
\nPT TPN because the company has huge debts. Of course, Tommy
\nSoeharto would be very glad if the government wished to manage or
\ncontrol PT TPN. He would then no longer need to find ways to
\nsettle the company's huge debts as all the company's liabilities
\nwould be taken over by the government. In this case, the
\nemployees of the company would also be happy because they would
\nnot be laid off.<\/p>\n
Does the government really wish to help Tommy Soeharto? Is it
\nbecause PT TPN was a national project initiated by former
\npresident Soeharto? One may guess, then, that the imposition of
\nthe Rp 3.029 trillion tax is only a hidden way to help out PT
\nTPN, 99 percent of whose shares are in the hands of Tommy
\nSoeharto. The Indonesian people and the House of Representatives
\nmust exercise caution against the government's action in this
\nrespect as otherwise the state and the people will be
\ndisadvantaged.<\/p>\n
SUHARSONO HADIKUSUMO<\/p>\n
Jakarta<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/pt-timor-managed-by-government-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }