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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 »

Indonesia concerned about Vietnam’s strict new car import regulations

JAKARTA: Already facing sluggish demand at home, Indonesia’s four-wheel car manufacturers now face a bleak export future due to a new regulation issued by Vietnam designed to protect its own developing automotive industry. The new regulation stipulates that traders are only permitted to import automobiles if they can provide valid vehicle registration certificates issued by authorities from the countries of ... Read More »

Indonesia upbeat to see higher exports after large non-oil gas trade growth in January

JAKARTA:  Indonesian Trade Minister Enggartiasto Lukita expressed his optimism here on Thursday of the country’s improving exports this year after significant growth in its non-oil and gas exports last month. The non-oil and gas export improvement was a good start to support national export targets this year,” the minister said. The nation posted exports of 14.45 billion U.S. dollars last ... Read More »

Indonesia to revise tax incentives in bid to lift investment

JAKARTA:  Indonesia will revise its tax incentives and offer them to a larger number of business sectors, in a bid to attract more investment, the finance minister said. Tax allowance and tax holiday rules, last revised in 2016, had failed to attract a significant amount of investment into South-east Asia’s biggest economy, Finance Minister Sri Mulyani Indrawati told reporters on ... Read More »

Indonesia to be world’s largest wheat importer

JAKARTA: Indonesia is set to be the world’s largest wheat importer as the country’s drive for self-sufficiency in corn has led to shifts in its overseas purchases. According to USDA’s latest estimates, Indonesia is expected to import 12.5 million tonnes for the 2017-2018 marketing year, surpassing Egypt. “Indonesia is now the leading global wheat importer,” said USDA. The rise in ... Read More »

Indonesia eyes lax palm oil rules in EU trade deal

JAKARTA: Palm oil giant Indonesia is pressing the European Union to abandon plans to apply strict environmental standards to the sector and silence ‘negative’ criticism about the commodity, documents obtained by AFP have revealed. The papers, marked “’not for publication’ and for distribution only on a ‘need to know’ basis, reflect Jakarta’s wish list for a critical industry as the ... Read More »

Indonesia central bank keeps policy rate unchanged eyes volatile markets

JAKARTA: Indonesia’s central bank kept its policy rate unchanged on Thursday as expected, as it looks to maintain stability in the struggling rupiah following an unexpected spike in global volatility. Here is the official translation of the Bank Indonesia statement, with some editing by Reuters. The original was in Indonesian: The BI Board of Governors agreed on 14th and 15th ... Read More »

Indonesia set to become world’s biggest wheat importer

JAKARTA: Indonesia have grown rapidly due to rising domestic demand for food and animal feed. Not only is the Indonesian population huge and expanding, it is also characterized by a rapidly growing middle class segment as well as the process of urbanization that gives rise to “urban lifestyles” (influenced from the West). This causes a shift in consumer behavior toward ... Read More »