PGN, a subsidiary of Pertamina, Loss of IDR 3.8 Trillion. Page all

JAKARTA, KOMPAS.com – PT National gas Company Tbk or PGN which is a subsidiary of PT Pertamina (Persero), listed loss amounting to 264.77 million US dollars or around Rp. 3.8 trillion (exchange rate of Rp. 14,600).

Quoted from PGN’s financial report released through the Information Disclosure of the Indonesia Stock Exchange (IDX), Sunday (11/4/2021), PGN’s revenue throughout 2020 fell to 2.88 billion US dollars.

Meanwhile, in 2019, the issuer coded PGAS was still able to record revenue of 3.85 billion US dollars.

Debt the company also experienced an increase. From the audited financial statements as of December 31, 2020, the company owns debt amounting to 4.57 billion US dollars or about 66.9 trillion.

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The details, short-term debt of 1.18 billion US dollars and long-term debt of 3.39 billion US dollars.

The amount of debt owned by PGN in 2020 increased compared to the previous year. The overall position of PGN’s debt in 2019 was recorded at 4.14 billion US dollars.

Despite experiencing losses, the company’s assets increased at the end of 2020, namely to US $ 7.53 billion, an increase compared to the previous year which was US $ 7.37 billion.

Got involved in a tax dispute

Meanwhile, in his official statement, PGN’s Director of Finance, Arie Nobelta Kaban, revealed that the majority of PGN’s financial performance obstacles for the 2020 period were caused by external factors.

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One of them is the Value Added Tax (PPN) dispute for the 2012-2013 period filed by the Directorate General of Taxes (DGT) through legal review (PK).

The PK legal action has received a Supreme Court (MA) decision in December 2020 amounting to US $ 278.4 million.

Apart from the VAT dispute, an external factor that constrained PGN’s financial performance was the decline in assets in the oil and gas sector amounting to US $ 78.9 million.

“Without these two factors beyond management control, PGN’s financial performance would still record a net profit of 92.5 million US dollars,” said Arie.

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This profit was still higher than the net profit distributed to the parent entity in 2019 which amounted to US $ 67.5 million.

Arie admitted that the management has made various efforts to maintain the company’s performance by resolving tax disputes at the Supreme Court (MA).

Regarding tax disputes in the Supreme Court, said Arie, the company needs to explain several things while continuing to take further legal measures as follows.

First, PGN’s VAT decision case is only specific for the 2012-2013 period.

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Second, since 2014 until now, PGN has won the VAT dispute case or it has been determined that natural gas is not an object of VAT according to the DGT letter in January 2020.

Third, the legal efforts that have been made by PGN include the MA fatwa for 18 matters that have been decided and the implementation of the PK memory counter for the remaining 6 matters that are still ongoing.

Then try to ask the opinion of experts and state lawyers (Jamdatun) as the authorities, as well as submit a letter of application for justice to the Chairman of the MA.

Fourth, PGN will ask for a fatwa non-executable, because natural gas is not subject to VAT tax, it is in accordance with the provisions of the tax law, and the tax period has also expired, namely the 2012-2013 period.

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Fifth, PGN will forward the bills received from the DGT to customers. This is PGN’s last resort as a mandatory levy (wapu).

Arie hopes that the five efforts will be obtained reverse tax as well as certainty of incentives from the implementation of government assignments.

Regarding tax issues, he continued, PGN will follow the existing legal provisions, but still strive for legal steps and mitigate the best risks.

“Our commitment is to ensure that legal compliance and risk mitigation are part of PGN’s efforts to safeguard the fundamentals and ensure the long-term sustainability of the company’s business,” he said.

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