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"[ABSTRAKTesis ini membahas mengenai mekanisme penerbitan efek beragun aset syariah(EBA Syariah). Metode penelitian dalam tesis ini adalah yuridis-normatif yangdilakukan dengan cara meneliti bahan pustaka, peraturan perundang-undangan,data sekunder jurnal, artikel maupun makalah yang berhubungan denganpenerbitan efek beragun aset syariah. Efek beragun aset syariah merupakan efekyang diterbitkan melalui kegiatan sekuritisasi syariah. Penerbitan efek beragunsyariah diatur dalam Peraturan Bapepam-LK No. Kep-181/BL/2009 TentangPenerbitan Efek Syariah (Peraturan No. IX.A.13). Efek Beragun Aset Syariahdidefinisikan sebagai Efek yang diterbitkan oleh Kontrak Investasi Kolektif EfekBeragun Aset Syariah yang portofolionya terdiri dari aset keuangan yang tidakbertentangan dengan Prinsip-prinsip Syariah di Pasar Modal. Hasil penelitian inimenyimpulkan bahwa belum terlaksananya penerbitan efek beragun aset syariahkarena mekanisme yang belum lengkap terkait dengan struktur dan dukunganperaturan perundang-undangan. Oleh karena itu, dalam penelitian inimenyarankan perlunya kejelasan terkait struktur transaksi dan peraturanpendukung yang diperlukan untuk dapat terlaksananya penerbitan efek beragunaset syariah di Indonesia.

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ABSTRACTThis thesis discusses the mechanism of Islamic asset-backed securities issuance (EBA Sharia).Methods of research in this thesis is the juridical-normative done by researching librarymaterials, legislation, secondary data journals, articles and papers related to the issuance ofIslamic asset-backed securities. Islamic asset-backed securities are securities issued bysecuritization activities sharia. Issuance of sharia-backed securities regulated in Bapepam-LKNo. Kep-181 / BL / 2009 Concerning Issuance of Islamic Securities (Regulation No. IX.A.13).Shariah Asset Backed Securities are defined as securities issued by the Investment ContractAsset Backed Securities Sharia portfolio consists of financial assets that do not conflict withSharia principles in the Capital Market. The results of this study concluded that theimplementation has not been publishing Islamic asset-backed securities due to incompletemechanisms associated with the structure and support of the legislation. Therefore, in this studysuggest the need for clarity related to the structure of the transaction and regulatory supportnecessary to the implementation of Islamic asset-backed securities issuance in Indonesia.;This thesis discusses the mechanism of Islamic asset-backed securities issuance (EBA Sharia).Methods of research in this thesis is the juridical-normative done by researching librarymaterials, legislation, secondary data journals, articles and papers related to the issuance ofIslamic asset-backed securities. Islamic asset-backed securities are securities issued bysecuritization activities sharia. Issuance of sharia-backed securities regulated in Bapepam-LKNo. Kep-181 / BL / 2009 Concerning Issuance of Islamic Securities (Regulation No. IX.A.13).Shariah Asset Backed Securities are defined as securities issued by the Investment ContractAsset Backed Securities Sharia portfolio consists of financial assets that do not conflict withSharia principles in the Capital Market. The results of this study concluded that theimplementation has not been publishing Islamic asset-backed securities due to incompletemechanisms associated with the structure and support of the legislation. Therefore, in this studysuggest the need for clarity related to the structure of the transaction and regulatory supportnecessary to the implementation of Islamic asset-backed securities issuance in Indonesia, This thesis discusses the mechanism of Islamic asset-backed securities issuance (EBA Sharia).Methods of research in this thesis is the juridical-normative done by researching librarymaterials, legislation, secondary data journals, articles and papers related to the issuance ofIslamic asset-backed securities. Islamic asset-backed securities are securities issued bysecuritization activities sharia. Issuance of sharia-backed securities regulated in Bapepam-LKNo. Kep-181 / BL / 2009 Concerning Issuance of Islamic Securities (Regulation No. IX.A.13).Shariah Asset Backed Securities are defined as securities issued by the Investment ContractAsset Backed Securities Sharia portfolio consists of financial assets that do not conflict withSharia principles in the Capital Market. The results of this study concluded that theimplementation has not been publishing Islamic asset-backed securities due to incompletemechanisms associated with the structure and support of the legislation. Therefore, in this studysuggest the need for clarity related to the structure of the transaction and regulatory supportnecessary to the implementation of Islamic asset-backed securities issuance in Indonesia]"

"Penelitian ini memiliki tujuan untuk menganalisis tinjauan dan implikasi penetapan KIKEBA sebagai Subjek Pajak Badan di Indonesia, implementasi kebijakan pajak atas transaksi KIK-EBA di Indonesia, serta kebijakan pajak atas transaksi Efek Beragun Aset di negara India, Argentina, China, Belgia, dan Singapura dan alternatif kebijakan bagi Indonesia. Analisis dilakukan dengan menggunakan teori Implementasi Kebijakan, Kebijakan Pajak, Pajak Penghasilan, Bunga, Marjin, Sistem Pemungutan Pajak, Sekuritisasi Aset, dan KIK-EBA. Metode yang digunakan dalam penelitian ini adalah kualitatif deskriptif dengan melakukan wawancara mendalam. Hasil dari penelitian ini menunjukan bahwa penetapan KIK-EBA sebagai Subjek Pajak Badan menyebabkan implikasi kewajiban perpajakan, termasuk Pajak Penghasilan dan Pajak Pertambahan Nilai. Selain itu, pemotongan PPh Pasal 23 atas marjin yang diterima oleh KIK-EBA dari Originator menyebabkan lebih bayar terus-menerus yang berdampak pada terganggunya likuiditas KIK-EBA, khususnya kepada Investor. Oleh karena itu, diperlukan alternatif kebijakan yang dapat memberikan kemudahan perpajakan bagi KIK-EBA, entah dalam bentuk insentif sebagaimana diadopsi dari kebijakan di Argentina, China, dan Belgia atau paket kebijakan khusus seperti kebijakan VCC yang diterapkan di Singapura.

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This study aims to analyze the review of the establishment of KIK-EBA as a corporate taxpayer in Indonesia and its implications, the implementation of tax policies on CICABS transactions in Indonesia, and the tax policies on Asset Backed Securities transactions in other countries also the alternative policies for Indonesia. The analysis was carried out using the theory of Policy Implementation, Tax Policy, Income Tax, Interest, Margins, Tax Collection System, Asset Securitization, and CIC-ABS. The method used in this research is descriptive qualitative by conducting in-depth interviews. The results of this study indicate that the establishment of CIC-ABS as a corporate taxation has implications for taxation obligations, including income tax and value added tax. In addition, withholding income tax Article 23 on margins received by CIC-ABS from the Originator causes continuous overpayment which affects the disruption of CIC-ABS liquidity, especially to the Investors. Therefore, alternative policies are needed that can provide taxation facilities for CIC-ABS, whether in the form of incentives as adopted from policies in Argentina, China, and Belgium or other policy packages like VCC policy which implemented in Singapore."