Sri Mulyani Calls New Foreign Exchange Rules Export Results Increase Domestic Valas Liquidity

Minister of Finance Sri Mulyani (Photo: Doc. Ministry of Finance)

Minister of Finance (Menkeu) Sri Mulyani said that the government continues to encourage optimization of the use of natural resources (SDA) for national interests.

According to him, one of the efforts made was to determine PP Number 36 of 2023 concerning Export Result Foreign Exchange from Concession, Management and/or Natural Resources Processing Activities (PP DHE SDA), as a revision of PP Number 1 of 2019.

To support this, two technical rules were released, namely KMK No. 272 of 2023 concerning Determination of the Type of Natural Resources Export Goods that are mandatory for DHE and PMK Number 73 of 2023 concerning the Imposition and Revocation of Administrative Sanctions for DHE SDA Violations

"For the Decree of the Minister of Finance, KMK Number 272 of 2023 has been issued. This is a decision regarding the Foreign Exchange Products of Natural Resources Exports that have been submitted earlier, which is a type of mining, plantation, forestry, and fishery sector," he said in a press statement today, Friday, July 28.

It was stated that there were an additional 260 Pos Tariffs from previously regulated in KMK 744/KMK.04/2020. The mandatory DHE SDA commodity was a proposal from the Ministry/Institutions that fostered each sector, in total the number to 1,545 Pos Tariffs.

"One, for the mining sector, 180 tariff posts that were affected by DHE, are now added 29 tariff posts to 209. For plantations, 500 tariff posts were added 67 to 567. For forestry 219 tariff posts, which have actually been arranged previously since 2020, 44 tariff posts have now been added to 263 tariff posts. And finally, the fisheries sector 386 has been regulated since 2020 through KMK 744, now 120 tariff posts have been added so that in KMK 272 which has just been issued there are 506 tariff posts," he said.

Furthermore, the Ministry of Finance also issued PMK Number 73 of 2023 which regulates the imposition and revocation of administrative sanctions for violations of foreign exchange provisions resulting from exports from business activities in managing and/or processing natural resources.

"PMK 73 regulates the general regulation of exporter obligations, then regulates how to deliver the results of supervision from Bank Indonesia and OJK which will later be submitted by the Governor of Bank Indonesia and the Chairman of DK OJK regarding supervision which will become the basis for imposing sanctions and lifting sanctions," he said.

"Well, we will emphasize once again what has been conveyed by the Coordinating Minister that the exported commodity tariff posts that have been regulated in KMK number 272 of 2023 will all take effect on August 1. And it only applies to exporters whose export news value is more than 250,000 US dollars per document," he said.

The Minister of Finance also revealed that the incentives in the form of lower income tax rates for the Deposito Flower and the DHE SDA placement instrument, which has been regulated in PP 123 of 2015.

According to the state treasurer, for ordinary Deposito (not DHE) 20 percent is subject to PPh, but for DHE SDA Deposit with a dollar currency, PPh is subject to various interest rates: 10 percent PPh (for 1 month tenor), 7.5 percent PPh for 3 Months Deposit tenor, and 2.5 percent PPh for DHE Deposit tenor 6 Months.

"This is of course so that all exporters also feel that this is a fair mechanism, so that it was also mentioned win-win solutions from all parties," closed the Minister of Finance Sri Mulyani.