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Indonesia to import 22kt of beef and offal for Ramadhan

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JAKARTA: Indonesia’s Ministry of Agriculture has given a beef & offal import recommendation of 22,221 tonnes to importers to meet demand during the Ramadhan (fasting) month this year. I Ketut Diarmita, Director General of Livestock and Animal Health, said of the figure, the recommendation for beef is 20,957 tonnes while offal is 1264 tonnes. The imports are planned to be ... Read More »

Indonesia announces simpler regulation on tax holiday

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JAKARTA: The Indonesian government on Monday announced that it would soon enact a new regulation on a tax holiday to simplify the procedure to allow investors to obtain the fiscal facility. Robert Pakpahan, the director general of taxation, said the new regulation would be signed by Finance Minister Sri Mulyani Indrawati and it would be implemented soon. Under the new ... Read More »

Metals and mining market tn Indonesia analysis & trends

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JAKARTA: Metals and Mining in Indonesia industry profile provides top-line qualitative and quantitative summary information including: market size (value and volume 2011-15, and forecast to 2020). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. The metals and mining industry consists of the aluminum, iron and steel, precious ... Read More »

Indonesia to offer investors a simplified tax-holiday program

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JAKARTA: Indonesia will unveil a simplified scheme for tax holidays next week and state oil firm PT Pertamina should be among the first to benefit, government officials said. Boosting investment is a priority for President Joko Widodo as household consumption – the main engine of growth for Southeast Asia’s largest economy – has remained sluggish in recent years. Under different ... Read More »

Indonesia New Zealand agree to enhance bilateral ties

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JAKARTA: The agreement was reached during President Joko Widodo`s state visit to New Zealand on March 18-19, 2018. The visit, undertaken at the invitation of Prime Minister of New Zealand Jacinda Ardern, was the first by an Indonesian leader in 13 years. Moreover, Prime Minister Ardern praised the New Zealand-Indonesia business forum held in Auckland on March 16, 2018, and ... Read More »

Government to impose excise on plastic in May

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JAKARTA: The government plans to introduce an excise on plastic in May to reduce the use of the material. The Finance Ministry’s customs and excise director general, Heru Pambudi, said in Jakarta on Monday that a draft of a government regulation was being discussed by the relevant government agencies. “An interministerial committee tasked with drafting the regulation is working now,” ... Read More »

Turning down heat in Indonesia’s oil palm industry

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JAKARTA: In Indonesia, palm oil is a hot industry in more ways than one. In 2015 alone, it contributed USD 20.75 billion to the country’s export revenue. Oil palm plantations cover more than 14 million hectares of the country and, together with Malaysia’s, dominate the global market. However, fire is still widely used in the development and planting of oil ... Read More »

Indonesia central bank holds rates keeps eye on rupiah

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JAKARTA:  Indonesia’s central bank on Thursday kept its policy rate unchanged, as expected, saying its stance was sufficient to support the economy and pledged to keep the rupiah currency in line with fundamentals. The decision came shortly after the Federal Reserve, as anticipated, hiked US rates. Central banks in New Zealand, the Philippines and Taiwan also held their policy rates ... Read More »

Indonesian CPO exports not affected by duty increase in India

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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 »