Penguatan pengaturan kontrak investasi bersama (KIB) dana ventura sebagai instrumen keuangan yang berkepastian hukum

Widyaputra, Michael (2023) Penguatan pengaturan kontrak investasi bersama (KIB) dana ventura sebagai instrumen keuangan yang berkepastian hukum. Doctoral thesis, Universitas Pelita Harapan.

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Abstract

KIB venture funds are new financial instruments regulated by OJK in 2015 and specifically reserved for the venture capital industry. Currently there are 2 (two) main problems faced by KIB venture funds, namely first, the uncertainty of legal status and second, the injustice of tax and capital market incentives. Regarding the legal position, there is uncertainty whether KIB venture funds are legal entities or not. Furthermore, regarding incentives, there is injustice in tax and capital market facilities when compared to the incentives received by similar financial instruments under the OJK. The existence of uncertainty and injustice causes KIB venture funds to be less developed when viewed from a philosophical, economic, and sociological perspective. The type of research used is normative juridical supported by empirical juridical studies. The approach used are statutory, conceptual, and comparative approaches. The research findings show first, although Law No. 4/2023 legally states KIB venture funds which is an agreement are legal entities as well as Pension Funds, KIB venture funds are still not equipped as well as Pension Funds as legal entities, namely there are no organs, do not have their own wealth, and are not separated from the wealth of the founder. Second, when compared to similar financial instruments under the OJK, namely KIK-RDPT, the KIB arrangements for venture funds do not obtain legal certainty of legal status as stipulated for KIK-RDPT and do not receive the same tax and capital market incentives as KIK-RDPT as similar financial instruments under the OJK, these incentives include obtaining a NPWP, exemption from tax on profits, and exclusion of lock-up periods. Third, when compared to similar financial instruments abroad, it was found that Indonesia's KIB approach to venture funds is different from the Republic of Singapore, British Virgin Islands, Cayman Islands, and Gibraltar. The three findings of this study identify the current regulatory quality conditions that lead to non-fulfillment of Gustav Radbruch's Theory of Legal Purposes, good regulatory principles from the OECD, and good regulatory principles from ASEAN. The ideal regulatory forms are identified to ensure good quality regulations (design), enforcement (delivery/enforcement), and supervision (inspection) are carried out through the Economic Analysis of Law approach with the Regulatory Impact Analysis/Assessment analysis method. Permanent settlement alternatives are identified to the DPR for the long term because they require a longer time, and permanent settlement alternatives are identified to the OJK and the Ministry of Finance for the short term. The alternatives identified are (1) the KIB arrangement of venture funds is a legal entity with (i) organs, (ii) own assets, (iii) separation of assets with the founder, (2) obtaining tax incentives in the form of NPWP and tax waiver on profits, and (3) obtaining lock-up period exemptions. Keywords: Venture Capital, Venture Fund, Joint Investment Contract

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