Supporting Gold Bank Business, Government Synchronizes Tax Policy

JAKARTA - The government continues to encourage the growth of the gold industry through a more synchronized tax policy to encourage the development of the bullion business ecosystem in the country.

Meanwhile, one of the main steps taken is the synchronization of tax regulations, particularly related to the income tax levy (PPh) article 22 on sales transactions between gold producers and bullion banks.

"The synchronization of tax regulations, especially the levy of PPh 22 on sales transactions between gold producers and bullion banks," wrote the Coordinating Ministry for Economic Affairs in a statement, quoted Thursday, March 6.

As for this stimulus, it is hoped that the bullion business sector can be more attractive to industry players, and create a more stable business climate and support the growth of the precious metal sector which is growing.

"The stimulus is expected to increase attractiveness and support the development of the Bulion business activity ecosystem," he added.

Previously, the President of the Republic of Indonesia, Prabowo Subianto, had inaugurated the services of the gold bank Pegadaian and Bank Syariah Indonesia today, Wednesday, February 26.

"By saying Bismillahirrahmanirrahim this afternoon, Wednesday, February 26, 2025, I am Prabowo Subianto, the President of the Republic of Indonesia hereby inaugurate the Pegadaian Gold Bank and BSI Services," said Prabowo, February 26.

Prabowo said that the formation of this gold bank service could increase Indonesia's Gross Domestic Product (GDP) to Rp245 trillion and create new jobs of up to 1.8 million, expanding foreign exchange.

"It also helps save the country's foreign exchange because from upstream to downstream, gold will be processed and stored domestically and does not flow overseas," he continued.

In addition, Prabowo said that the gold bank is also claimed to be able to improve monetary stability control through the gold liquidity mechanism to gold banks and conduct domestic gold transactions.

Prabowo also expressed his appreciation and gratitude to the ranks of ministers and directors of state-owned companies that worked hand in hand until the formation of the first gold bank in Indonesia.

"I thank all the elements who have worked hard, my appreciation to the Coordinating Minister for the Economy, the Minister of SOEs, all the directors of Himbara banks, Pegadaian Directors, BSI and all those who worked hard so that today we have a pawning gold bank and BSI service ecosystem," said Prabowo.