Friday , March 23 2018
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Indonesian CPO exports not affected by duty increase in India


JAKARTA: Trade Minister Enggartiasto Lukita said Indonesia`s CPO export to India has not been disrupted by the import duty increase imposed by the country. “Our exports remain high and have not yet been affected,” Lukita said at the Coordinating Ministry for Economic Affairs Building in Jakarta on Wednesday. Lukita said the government has sent a formal letter on the increase ... Read More »

Indonesia plans to import 9 mil barrels of gasoline in Apr


JAKARTA: Indonesia’s state-owned Pertamina plans to import around 9 million barrels of gasoline in April, unchanged from the estimate for March, based on a survey of market participants last week. The estimates provided by market watchers for April spanned the range of 8.5 million barrels to 9.5 million barrels. They were unable to provide a breakdown of volumes between the ... Read More »

Indonesian president’s visit marks 60 years of relations with NZ


JAKARTA: A lone protester has yelled as Indonesian President Joko Widodo paid his respects at the Pukeahu National War Memorial in Wellington. The president has begun a state visit to New Zealand to mark 60 years of diplomatic relations between this country and Indonesia. hrough a translator Widodo thanked Reddy for the welcome and said he “came with a message of friendship from ... Read More »

Indonesian government warned about trade deficit


JAKARTA: The February trade deficit was lower than in January, but it needs serious attention because it occurred for three consecutive months,” said BPS head Suhariyanto in Jakarta on Thursday. BPS announced that Indonesia booked a US$116 million trade deficit in February, bringing the deficit year-on-year to $872 million after Indonesia had enjoyed trade surpluses in the last three years. ... Read More »

Tax revenue realization growth of Indonesia strong far in 2018


JAKRATA: This strong performance is underpinned by a 20.3 percent (y/y) increase in non-oil & gas income tax to IDR 88.7 trillion (approx. USD $6.5 billion) and a 18.4 percent (y/y) increase in value-added tax (VAT) to IDR 67 trillion (approx. USD $4.9 billion) over the aforementioned period. Yon Arsal, Director of Tax Revenue and Compliance at the Directorate General ... Read More »

Indonesia to lose USD 630m revenue from coal price cap


JAKARTA: Business Recorder reported that Mongolian coal exports fell by a third in February, the country’s statistics bureau said that, with bottlenecks at the border with China continuing to drag on trade. According to the National Statistics Office, export volumes declined 33 % to 3.25 million tonnes, while the value of coal exports dropped 25 % to USD 245.4 million ... Read More »

Imports of paper and paperboard continue unabated


JAKARTA: Imports of paper and paperboard reached a peak of 1.47 million tonnes in April-December FY18, as compared to 1.05 million tonnes in the corresponding period of FY17 and even surpassing 1.42 million tonnes imported in the entire FY17. “The cost of production of paper in India is much higher than that in competing countries due to the high cost ... Read More »

Indonesia government sets coal price for power plants


JAKARTA: Indonesia government, through the Ministry of Energy and Mineral Resources, set the price of coal for national electricity generators. The price was set through Minister`s Decree No. 1395K/30/MEM/2018 on the Sale Price of Coal for the Procurement of Electricity for the General Public. Mr Agung Pribadi, head of Public Information and Communication Service Bureau of ESDM, said in Jakarta ... Read More »

KADI begins sunset review of hot rolled plate imports from three countries


JAKARTA: The Indonesian Antidumping Committee (KADI) has instigated a sunset review of hot rolled plate imports from China, Singapore and Ukraine prior to the expiration of antidumping duties. KADI chief Ernawati said the investigation, which began on March 5, was conducted as a followup to a request from two local steel plate manufacturers  PT Gunung Raja Paksi and PT Krakatau ... Read More »

Indonesian economy faces tough challenges


JAKARTA: The Indonesian economy faces tough global challenges with the rupiah exchange rate weakening, says an economic team from publicly listed private lender Bank Danamon. The team noted three threats against the economy – the outflow of United States dollars from Indonesian market, trade war and the increase of global energy prices. It projects the ongoing outflow of capital from ... Read More »

Indonesian Government issues long awaited decree on beneficial ownership


JAKARTA: President Joko Widodo signed the Presidential Decree No. 13/2018 on beneficial ownership, which enables authorities to identify the beneficial owners of firms and cooperatives, among other institutions. The decree will help to curb money laundering and terrorism funding practices. Experts have said it will also provide a legal basis for the tax authority to obtain additional data in its ... Read More »

Government lowers tax on small and medium businesses to 0.5 percent


JAKARTA:  Indonesian government is mulling to lower the amount of tax on small and medium businesses to 0.5 percent from 1 percent as of late March 2018. “Actually, I have proposed 0.25 percent but the finance minister rejected it. If the decline is that far it will have an impact on state revenues,” President Joko Widodo said while addressing the ... Read More »

Indonesian firms worried about import fallout from US policy


JAKARTA: Indonesian steel corporations have voiced their concern over the US’s new steel and aluminum import policy, which can make the Southeast Asian nation flooded with an influx of steel products from other countries. Director of the Krakatau steel company Purwono Widodo said that although the firm does not export steel products to the US, the American country’s plan to ... Read More »

Indonesia shares likely to remain rangebound


JAKARTA: Indonesia stock market has alternated between positive and negative finishes through the last six trading days since the end of the three-day slide in which it had surrendered almost 100 points or 1.5 percent. The Jakarta Composite Index now rests just above the 6,580-point plateau although it’s expected to turn higher again on Monday.The global forecast for the Asian ... Read More »

WB meetings to promote Indonesia at global level


JAKARTA: The International Monetary Fund-World Bank (IMF-WB) Annual Meetings scheduled in Bali on October 2018 will promote Indonesia’s economic potential at the global level, Coordinating Maritime Affairs Minister Luhut Panjaitan stated. The meeting can offer several benefits to Indonesia, including promoting it at the international level,” Panjaitan noted here last Thursday. The minister had undertaken a tour of the Mandalika ... Read More »

Income tax treatment under tax treaties reregulated


JAKARTA: Foreigners and Indonesian nationals are under Regulation 202/2017 entitled to certain preferential income tax treatments, under the following conditions: These treatments are stipulated under each individual tax treaty between Indonesia and foreign countries. The Regulation 202/2017 acknowledges that these preferential income tax treatments will remain in place until the expiry of the related tax treaties. Foreigners or Indonesian nationals ... Read More »

Indonesia February sumatra coffee exports drop


JAKARTA; Indonesia exported 4,042.1 tonnes of coffee beans from Lampung province in February, local government data showed on Thursday, a 72 percent decline from the 14,321.7 tonnes of beans shipped in the same month a year earlier. This was the sixth month of decline in exports from Indonesia’s largest coffee producing region. Read More »

Indonesia central bank nominee to be ‘pragmatic’ on growth says minister


JAKARTA: Indonesian Finance Minister Sri Mulyani Indrawati said yesterday she expected the nominee for the next central bank governor to continue to focus on stability and taming inflation, while adopting a “pragmatic” approach to boosting growth. President Joko Widodo’s selection of Perry Warjiyo, a longtime deputy governor of Bank Indonesia, to succeed Agus Martowardojo, was confirmed on Saturday. In her ... Read More »

Indonesia Singapore exchange financial information


JAKARTA: Indonesia and Singapore will begin to implement the Automatic Exchange of Information (AEOI) agreement in September 2018, according to Indonesia’s Antara news agency. John Hutagaol, a tax expert of Indonesia’s Finance Ministry, said the Indonesian Government is preparing regulations, infrastructure, as well as human resources for the implementation of the agreement. On the other hand, Singapore will automatically share ... Read More »

Indonesia postpones move requiring coal exporters to use national carriers


JAKARTA: Indonesia has postponed the implementation of a regulation that would require coal exporters to use national maritime carriers and domestic insurance services, amid concerns about the impact on international trade, sources said this week. The government has given its trade ministry up to a year to revise the policy, the sources said. “I think it is right for the ... Read More »