JAKARTA (TheInsiderStories) — Good morning! Indonesian government unobstructed some of its revenue budget, by agreed to implement zero export levy for Crude Palm Oil (CPO) and its derivative products. The levy adjustment was made due to emergency condition of palm oil price slump.
CPO price has been dwindled to around US$410 per ton during the past week. If CPO price improves to $550 per ton, Indonesia will be re-applying the levy.
Moreover, Finance Ministry is now still preparing the regulation to impose luxury goods sales and property purchase revenue tax tariff cut. In the new regulation draft, imposition for luxury goods tax will be changed from the previous Rp20 billion (US$13.60 million) to Rp30 billion. While property purchase revenue tax will be decreased from 5 percent to 1 percent.
Then, Indonesia’s fight against illegal financial technology (FinTech) companies since last year was carried out by blocking 309 applications and 76 websites. Among those 385 companies, Financial Services Authority (FSA) mentioned, two FinTech companies are already put in normalization lists, as those have registered their licenses to the agency.
In blocking the illegal FinTech applications, FSA coordinated with Google Play and App Store. Now, Google Indonesia has closed down all Indonesia-based illegal FinTech apps submitted by Ministry of Communication and Informatics.
While, Indonesia’s President candidate, Prabowo Subianto met Singaporean Prime Minister Lee Hsien Loong yesterday. During the meeting, he discussed economic policy and relations between the both countries. Subianto is invited to share his strategic views in develop Indonesia and increase economic growth in one event.
Furthermore, Rupiah started the week in stagnation ended at 14,551 compared to US dollar. The Jakarta Composite Index rose 0.27 percent to 6,022.77, moved by basic industry and chemicals sector that surged by 1.63 percent. Foreign investors recorded nearly Rp200 billion net buy.
From the global side, he Ukrainian Parliament approved a proposal for the imposition of martial law status in the border region after three ships detained by Russia, on Monday (11/26). The status came into effect after 276 member of parliaments gave their approval.
The status of martial law will be valid for 30 days starting OCt. 28. Status applies in a number of border areas, including 5 areas bordering Russian territory and 3 areas on the Black Sea coast.
The Brexit agreement made by the British Government (UK) with the European Union (EU) is expected to make the country’s economy smaller by 3.9 percent compared to if it remains a part of the EU, said the National Institute of Economic and Social Research (NIESR).
The UK’s economic growth has slowed since the 2016′ Brexit referendum. Most economic conditions are in line with the NIESR pre-referendum projections about the impact of leaving the EU, although the slowdown is not as big as the forecast figure.
May you have a profitable day!
Written by Linda Silaen and TIS Intelligence Team, Please visit our new website to get more insight on Indonesia’s economy: www.tisintel.com