After business organizations complained that new laws made it tougher to meet operational costs, Indonesia is proposing a system for banks to finance exporters who keep their earnings onshore, a government official said. Starting August 1, natural resource exporters must keep 30% of their customs document proceeds in the domestic financial system for three months. Exporters complained that storing funds for three months took away revenue required for operations. Pandu Sjahrir, chairman of the Indonesia Coal Miners Association, said the new laws would make it harder for coal miners to pay contractors and vendors. Eddy Martono, chairman of the Indonesian Palm Oil Association, also warned that enterprises must set aside funds for operating expenditures if they cannot use some income for three months. He told Reuters that getting something from a bank would cost more. Reuters said that Indonesia's coordinating ministry of economic affairs senior official Ferry Irawan is finalizing exporter-friendly policies. “We will prepare a banking regulation that allows a back-to-back loan where an exporter's bank proceeds can be used as lending collateral,” he said. He added that authorities are working on new tax incentives to assure an attractive return for exporters' capital held onshore, competitive with offshore term deposits.Link di fonte: https://www.thejakartapost.com/paper/2023/07/27/coal-miners-lament-burden-of-impending-export-revenue-obligation.html (ICE GIACARTA)

Fonte notizia: The Jakarta Post - 27 July 2023