Minister of Finance Regulates Provisions on the Imposition of PPh and PPN on Sales and Deliveries of Various Jewelry and Related Services

The Minister of Finance (“Minister”) has issued Regulation No. 48 of 2023 on Income-Tax (Pajak Penghasilan – “PPh”) and/or Value-Added Tax (Pajak Pertambahan Nilai – “PPN”) on Sales/Deliveries of Gold Jewelry, Gold Bullion, Jewelry Made Entirely of Non-Gold Materials, Gemstones and/or Other Similar Stones and Services Related to Gold Jewelry, Gold Bullion, Jewelry Made Entirely of Non-Gold Materials and/or Gemstones and/or Other Similar Stones That Are Offered by Gold Jewelry Manufacturers, Gold Jewelry Traders and/or Gold Bullion Businesses (“Regulation 48/2023”) in an effort to encourage all business actors that are involved in the gold jewelry industry to enter the tax system so as to create a level playing field across all levels of the gold jewelry industry.[1]