Purbaya Affirms Patriot Bond Investor Immunity Not as Strong as Tax Amnesty

Finance Minister Purbly Yudhi Sadewa has revealed that investors in Patriot Bonds do not enjoy the same breadth of immunity as those covered by a tax amnesty.

Purbaya ensured that regarding tax protection, only the funds entered into the Patriot Bond and Merah Putih Bond are covered. “Only the money that enters; whatever is outside is up to the individual,” he stated when met at Tanjung Priok Port on Tuesday (23/06/2026).

However, he denied that the purchase scheme for Patriot Bonds and Merah Putih Bonds should be described as a form of ‘Tax Amnesty’. In the context of a tax amnesty, all incoming funds are tax-free. In the placement of these instruments, not everything is exempted.

“A tax amnesty covers everything. This does not. Only the money entering there (the Patriot Bond) is covered,” said Purbaya.

“But if they have various companies, they will undergo regular audits, but the money entered into the bond is safe. However, the companies themselves are not immune. Therefore, it is not like a Tax Amnesty,” he explained.

The government is known to provide specific legal and tax protections for investors who purchase Patriot Bonds and Merah Putih Bonds. This protection was ratified under Article 50A of Law Number 4 of 2026, which revises Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (P2SK).

“The State guarantees and protects the purchase of special debt instrument as referred to in paragraph (a) from general criminal prosecution, special criminal prosecution including tax crimes, and from civil lawsuits,” reads Article 50A, paragraph (5) of the P2SK Law.

Furthermore, paragraph (6) states that data and information regarding the purchase of Patriot Bonds and Merah Putih Bonds cannot be used as a basis for taxation or as legal evidence in court. Additionally, paragraph (7) emphasises that this special treatment applies only to transactions in the primary market.

Subsequent paragraphs also grant investors of Patriot Bonds and Merah Putih Bonds the authority to transfer the securities or use them as collateral. Investors of these debt instruments may also participate in tax amnesty programmes.

“Investors as referred to in paragraph (4) include taxpayers who have participated in the tax amnesty programme and the Voluntary Tax Disclosure Programme (PPS) in accordance with the provisions of laws and regulations,” reads paragraph (4) of Article 50A of the P2SK Law.

Furthermore, Article 50A, paragraph (9) mentions that investors of these special debt instruments include taxpayers who have participated in both the tax amnesty programme and the Voluntary Tax Disclosure Programme (PPS).