Indonesia to levy gold export duties from Dec 23
The taxes will rise to between 10% and 15% once the reference price reaches US$3,200 per troy ounce
[JAKARTA] Indonesia will impose duties on exports of gold products from Dec 23, a regulation on the finance ministry’s website showed on Wednesday (Dec 10), a step that could earn revenue of US$180 million next year for the South-east Asian nation.
Duties ranging from 7.5 to 12.5 per cent, depending on the type of gold product, will kick in when the government-set reference price falls between US$2,800 and US$3,200 a troy ounce.
The duties will rise to between 10 and 15 per cent once the reference price reaches US$3,200 per troy ounce.
Minted bars will face the lowest duties, while the highest duties are set for dore, or semi-pure ingots, the website showed.
The reference price is to be set periodically by the trade ministry based on benchmark prices of gold, it added.
On Monday, Finance Minister Purbaya Yudhi Sadewa said the gold export tax could earn revenue of as much as three trillion rupiah (S$234 million) in 2026. REUTERS
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