Photo by Customs & Excesise Office

JAKARTA (TheInsiderStories) – Indonesian Finance ministry has issued Minister of Finance Regulation Number 112 Year 2018 which aims to control the trade balance, to reduce the import duty and import tax limit which was previously US$100 to $75 per person.

Director General of Customs and Excise for the finance ministry, Heru Pambudi said on Friday (14/09), that the amount was for the total transactions in a day so that, above this limit, the normal provisions of both import duties and import taxes would be imposed.

The regulation itself was promulgated on Sept. 10, 2018 and will take effect 30 days from the released date. Pambudi explained, this policy was made because it found naughty importers who made transactions of 400 documents totaling $20,300 in a day.

He continued, this policy was also aimed at making domestic production grow. Even so, he acknowledged that it is possible that there is still the potential for rogue importers to reduce the transaction value below $75, but the the Customs and Excise system will track this activity.

“Even though they split, from five items at a time to one and five transactions below $75, our automation system will still count how many times a day. once they reach the limit there is no immediate release,” he said.

Email: linda.silaen@theinsiderstories.com

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The Insider Stories Founder Linda Silaen has a solid, proven history, established over more than a decade as a journalist with a leading internasional news organization, of being the first with the biggest economic news stories in Indonesia. Specializing in corporate news, Linda is also a veteran of some of the biggest macroeconomic and general news stories as Indonesia rapidly transforms into a major market economy. One of the founders of the original blog from which this company developed, Linda’s knowledge of investors’ information communications and data us developed from unrivaled networking skills that make her a well-known name among CEOs, bankers, government officials and private equity investors both in Indonesia and other countries.

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