Jumat, November 18, 2022

Bank Indonesia Prepares Incentives for Exporters to Deposit Foreign Exchange Proceeds from Exports of Natural Resources in Indonesia

Bank Indonesia ("BI") is currently preparing incentives in the form of a special program for exporters that deposit their foreign exchange proceeds from exports (Devisa Hasil Ekspor – "DHE") of natural resources in Indonesia.
BI Senior Deputy Governor, Destry Damayanti, in announcing the results of the November 2022 BI Board of Governors' meeting, explained that the new program would be implemented through the use of a market mechanism and would encompass guaranteed liquidity, rollover potential and highly competitive rates in comparison with the depositing of DHE in foreign countries.
Damayanti went on to reveal that the new program represents a continuation of Regulation of the Government No. 1 of 2019 on Foreign Exchange Export Proceeds from the Business, Management and/or Processing of Natural Resources ("Regulation 1/2019"). According to Regulation 1/2019 and Regulation of BI No. 21/14/PBI/2019 on Foreign Exchange Export Proceeds and Foreign Exchange Import Payments, a special account will be put in place which may take various forms in accordance with an agreement between BI and the Indonesian banking system.
In terms of the new special account, the government is providing incentives in line with Regulation of the Government No. 123 of 2015 on the Amendment to Regulation of the Government No. 131 of 2000 on Income Tax on Interest on Deposits and Savings and Discounts on Bank Indonesia Certificates. Said incentives take the form of tax incentives. Furthermore, the tax incentives provided are progressive in nature, meaning that the longer funds are deposited, the lower the tax rate that will be imposed (potentially down to 0%). _(ANT)

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Bank Indonesia ("BI") is currently preparing incentives in the form of a special program for exporters that deposit their foreign exchange proceeds from exports (Devisa Hasil Ekspor – "DHE") of natural resources in Indonesia.
BI Senior Deputy Governor, Destry Damayanti, in announcing the results of the November 2022 BI Board of Governors' meeting, explained that the new program would be implemented through the use of a market mechanism and would encompass guaranteed liquidity, rollover potential and highly competitive rates in comparison with the depositing of DHE in foreign countries.
Damayanti went on to reveal that the new program represents a continuation of Regulation of the Government No. 1 of 2019 on Foreign Exchange Export Proceeds from the Business, Management and/or Processing of Natural Resources ("Regulation 1/2019"). According to Regulation 1/2019 and Regulation of BI No. 21/14/PBI/2019 on Foreign Exchange Export Proceeds and Foreign Exchange Import Payments, a special account will be put in place which may take various forms in accordance with an agreement between BI and the Indonesian banking system.
In terms of the new special account, the government is providing incentives in line with Regulation of the Government No. 123 of 2015 on the Amendment to Regulation of the Government No. 131 of 2000 on Income Tax on Interest on Deposits and Savings and Discounts on Bank Indonesia Certificates. Said incentives take the form of tax incentives. Furthermore, the tax incentives provided are progressive in nature, meaning that the longer funds are deposited, the lower the tax rate that will be imposed (potentially down to 0%). _(ANT)

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