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Indonesia, Pakistan opt for concession on 20 items


JAKARTA: Indonesia and Pakistan have agreed on concession for 20 different items during bilateral negotiation under Preferential Trade Agreement (PTA). Both sides discussed 20 tariff lines and Indonesia agreed to give concession on major exports from Pakistan including rice, textile, ethanol, kinnow and mangoes during renegotiation on PTA, senior official of Ministry of Commerce told APP here on Sunday. Concession ... Read More »

Indonesia to Impose Excise Tax on Plastic Bags in 2018


JAKARTA: Indonesia plans to impose excise taxes on plastic bags next year and review other tax policies to increase revenue collection, according to a copy of 2018 budget proposal document reviewed by Reuters. The government plans to target Rp 155.4 trillion rupiah ($11.62 billion) from excise taxes in 2018, including some from plastic bags, but the bulk will still come ... Read More »

Indonesia’s exports, imports seen climbing in July


JAKARTA: Indonesia’s exports and imports likely surged in July from the same month a year ago as trade figures were affected by seasonal factors, a Reuters poll showed. Officials said the contraction in exports and imports in June was due to the long Eid al-Fitr holidays. Last year the holidays were in July. The values of July 2016’s exports and ... Read More »

Indonesia stocks higher at close of trade; IDX Composite Index up 0.03%

stocks higher

JAKARTA: Indonesia stocks were higher after the close on Thursday, as gains in the Mining, Trade and Infrastructure sectors led shares higher. At the close in Jakarta, the IDX Composite Index added 0.03%. The best performers of the session on the IDX Composite Index were Alfa Energi Investama Tbk PT (JK:FIRE), which rose 24.90% or 310 points to trade at ... Read More »

Foreign exchange reserves Indonesia higher at end-July 2017

Bank Indonesia (formerly called De Javasche Bank) is the central bank Indonesia

JAKARTA: The central bank of Indonesia (Bank Indonesia) announced that the country’s foreign exchange reserves rose USD $4.7 billion to the level of USD $127.76 billion at the end of July 2017. Growth of forex assets was primarily attributed to foreign exchange receipts, including the government’s issuance of global bonds, tax revenues and government oil & gas export proceeds. Lastly, ... Read More »

Indonesia seeks Chevron, Conoco proposals in investment push


JAKARTA: Indonesia wants Chevron Corp and ConocoPhillips to submit proposals to renew their licenses to operate oil and gas fields as the former Opec member seeks to reverse a decline in energy investments. Energy and Mineral Resources Minister Ignasius Jonan asked Chevron executives last week to inform the ministry about the explorer’s plans for Indonesian operations beyond 2021, he said ... Read More »

South Africa offers cheaper frozen beef to Indonesia


JAKARTA: South Africa has offered frozen beef to Indonesia at prices that are roughly half of the current retail prices, Trade Minister Enggartiasto Lukita has said. The minister said his ministry would, in assessing the offer, refer to regulations set in the 2014 Animal Health and Husbandry Law, hygiene standards set by the Agriculture Ministry and halal standards set by ... Read More »

Indonesia seeks more investment from Singapore


JAKARTA: The government is hoping to boost investment and trade ties with neighboring Singapore following a bilateral meeting on Friday. Indonesia and Singapore frequently held bilateral meetings at all levels of government, Coordinating Economic Minister Darmin Nasution said after the meeting at Hotel Borobudur in Central Jakarta on Friday. The talks on Friday focused on six issues: the Batam-Bintan-Karimun Special ... Read More »

Indonesia parliament to pass law to chase tax evaders overseas


JAKARTA: Indonesia moved a step closer to hunting down tens of billions of dollars it believes its citizens have hidden abroad after political parties agreed to seek a parliamentary approval for a law that will give tax officials access to financial data held by other countries. A meeting of various political parties on Wednesday (July 26) agreed to seek the ... Read More »

Indonesia exports, imports contract in June


JAKARTA: Indonesia’s exports and imports contracted in June on a yearly basis for the first time in nine months and officials from the statistics bureau blamed seasonal factors. Eid al-Fitr holidays and restrictions for trucks on toll roads were the reasons for the contraction, said Suhariyanto, the head of the statistics bureau. The holidays started at the end of June ... Read More »

Switzerland, Indonesia renew economic cooperation


SWITZERLAND: Switzerland and Indonesia launched an economic cooperation and development strategy for the 2017-2020 period on Friday (14/07), renewing the European country’s commitment to support economic development in the archipelago for the next four years. The Swiss government – through its State Secretariat for Economic Affairs (SECO) – is supporting middle-income countries such as Indonesia, Egypt, Ghana, South Africa, Vietnam, ... Read More »

Indonesian police seizes 1ton drugs, biggest amount ever

U.S CBP seizes metha drug worth US$200,000

JAKARTA: The Indonesian police foiled a smuggling attempt of 1 ton drugs, the largest-ever in the country, on Thursday, police said. During the operation launched on tip-off, Indonesian police killed a Taiwan man identified as the kingpin of the drug ring after he refused to surrender. “Yes, this is the biggest so far as it totally weighs 1 ton. It ... Read More »

Indonesia seizes 1000kg of meth smuggled from China


JAKARTA: Indonesian police, in cooperation with Taiwanese police, have seized 1 tonne of crystal methamphetamine attempted to be smuggled into the country from China, the police said Thursday. Two Taiwanese were arrested while a third was shot to death when Indonesian police seized the illicit drugs at a pier in Serang in Banten province, bordering Jakarta, following a two-month investigation, ... Read More »

DBS Indonesia’s net profit surges 75% in Q1


JAKARTA: PT Bank DBS Indonesia, a subsidiary of Singapore-based DBS Bank, has reported a 75 percent year-on-year (yoy) increase in its net profit during the first quarter of 2017 to Rp263 billion. The net profit increase was supported by a 16 percent yoy increase in revenue, which reached Rp1 trillion in the first quarter this year. Its net interest income ... Read More »

Indonesia`s forex reserves down $1.86b: BI


JAKARTA: Indonesia’s foreign exchange reserves fell US$1.86 billion to US$123.09 billion in late June 2017 from US$124.95 billion a month earlier as banks withdrew foreign currency liquidity to meet needs during Idul Fitri holiday’s, according to Bank Indonesia (BI). The drop in foreign exchange reserves will be temporary as the banks used the foreign currency liquidity in June 2017 as ... Read More »

Indonesia palm oil group worries EU nations will follow French restriction

palm oil1

JAKARTA: Indonesia’s palm oil association said on Friday it is worried that a French plan to reduce the use of palm oil in biofuels will prompt other European countries to follow suit, damaging exports of the important commodity. France’s environment minister has said the government would take steps to restrict the use of palm oil in biofuels in order to ... Read More »

Indonesia proposes to raise 2017 budget deficit to close to legal limit


JAKARTA: Indonesia’s government has proposed to parliament to hike 2017 spending and cut the revenue target, resulting in a wider budget deficit that almost reaches the legal limit, according to a government document. By Indonesian law, the combined budget deficits of the central and regional governments in one year could not exceed 3 percent of gross domestic product (GDP). The ... Read More »

Indonesian diaspora can help boost exports, foreign investment: Jokowi


JAKARTA: During a recent meeting with representatives of the Indonesian Diaspora Global Network’s executive committee, President Joko “Jokowi” Widodo conveyed his hope that the Indonesian diaspora could strengthen their role in supporting the government overseas. “The president hopes that the Indonesian diaspora can work together with the government in terms of improving exports and attracting foreign investment to Indonesia,” Foreign ... Read More »

Indonesia tightens tax policy, taxes Google


JAKARTA: Indonesia’s government has tightened its tax collection policy on high-technology enterprises in the country, starting with the US-based technology giant Google, as the companies have not paid enough to the government despite their expansion. Last week, the country reached a tax settlement with Google for 2016, following a month-long block over allegations that the firm had not made enough ... Read More »

Tanjung Priok Port Police thwart smuggling of hundreds of reptiles

smuggling reptiles

JAKARTA: Tanjung Priok Port Police secure hundreds of protected reptiles from KM Dobonsolo motorship at the passenger terminal of Tanjung Priok Port on Friday (06/16/2017). IR (27) from Ujung Pandang, South Sulawesi carried goods containing 279 kinds of reptiles from Papua including 20 snakes of Condro Python and nine Panama lizards of Sulawesi. The reptiles according to plan are going ... Read More »