Sri Mulyani Sets Sanctions for Exporters Violating Export Earnings Rules
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28 July 2023 19:34 WIB
TEMPO.CO, Jakarta - The Indonesian government is determined to impose sanctions on exporters who do not retain part of their export earnings (Devisa Hasil Export - DHE) in the domestic financial system for at least three months. The sanction will be in the form of export suspension as stipulated in Government Regulation No. 36 of 2023 concerning forex export earnings from exploitation, management, and processing of natural resources that will take effect on August 1, 2023.
“Exporters are required to put DHE from natural resources in the Indonesian financial system. This goes into a special account, either at an Indonesian export financing institution or a bank that conducts business activities in foreign exchange,” Finance Minister Sri Mulyani said in a press conference at the Coordinating Ministry for the Economy, on Friday, July 28, 2023.
Regarding the sanctions, Sri has released Finance Minister’s Regulation (Permenkeu) No. 73 of 2023. The derivative rule of PP 36 regulates the imposition and revocation of administrative sanctions for violations of natural resource exploitation, management, or processing activities.
Sri explained that supervision is performed using an integrated system by Bank Indonesia and the Financial Services Authority (OJK) which will be submitted to the Director General of Customs and Excise, including the submission of the imposition and revocation of sanctions to exporters and related ministries or agencies.
“The Director General of Customs and Excise will then follow up on the information by imposing sanctions; suspension of export handling,” the state treasurer said.
However, Sri Mulyani said exporters have the opportunity to provide proof evidence if they are declared to have violated the rule to the Director General of Customs and Excise, which will be forwarded to Bank Indonesia and OJK for investigation.
RIRI RAHAYU
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