Fiscal Agent is a fiscal agent, which is an agent regarding financial matters in general, specifically those designated by the government as tax collectors, receipts or depositing funds, and carrying out payment of government expenditures; a bank can be appointed as an agent obliged to collect interest tax on customer deposits and must deposit it with the government; Fiscal agents are often referred to as mandatory collection.
What Is a Fiscal Agent?
Fiscal agents are agents appointed by the government to take care of government finances, ranging from payment of expenses, tax collection , receipt of funds , depositing funds, and so forth. In Indonesia, the body that acts as a fiscal agent is the central bank , namely Bank Indonesia .
However, other banks also have the same role as tax collectors for their customers. Later, the tax will be left to the government. Therefore, fiscal agents are also known as mandatory collection. For example, Bank A collects deposit taxes from customers who have deposits. The total tax reaches Rp1 billion, later the money will be handed over to the government through the central bank.
Role of Fiscal Agents
In general, fiscal agents have the following roles:
- Collect taxes and submit them to the government.
- Channeling funds for dividend payments .
- Redeem bonds and coupons and take care of taxes.
- Receive or save funds.
- Take care of government spending.