Jakarta (VNA) - Indonesia will charge taxes on exports of gold of between 7.5% and 15% in a plan that will be implemented from 2026, according to Febrio Kacaribu, a senior official from the country’s Ministry of Finance.
The tax policy, currently being finalised, is being designed so that lower rates are applied to processed goods to help encourage domestic processing.
Global gold prices will also be a factor in determining the taxes, he said, noting that higher rates are likely to be applied when prices are at or above 3,200 USD per troy ounce to capture miners’ windfall profits.
Indonesia has the world’s fourth-largest unmined gold reserves, including in the Grasberg mine in the country’s east, operated by a local unit of Freeport-McMoRan.
The mechanism is designed to help Indonesia capitalise on the ongoing “global gold boom” while encouraging domestic production of higher value-added gold products.
However, many domestic investors have found it difficult to find gold bars to buy amid the boom in gold investment, Febrio said./.
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