"So, that is what will be affected by export duty regulation."Jakarta (ANTARA News) - Finance minister Agus Martowardojo said the regulation on export duty for 14 mining commodities was still being finalized and would be unveiled soon.
"We have already discussed it with the coordinating minister for economic affairs, so we are optimistic that in the near future it will be completed," Agus stated here on Tuesday.
He added that the state`s income would rise after the implementation of the regulation, because the export revenues of the 14 mining commodities reached US$8 billion to US$10 billion a year.
"So, that is what will be affected by export duty regulation. Of course, the mechanism will be worked out later. Technically, if the duty is set at an average of 20 percent, the income will be 20 percent of US$8 billion or US$10 billion," Agus explained.
Bambang Brodjonegoro, the acting chief of fiscal policy of the ministry of finance, also stated that the regulation was expected to be finalized by the end of this week and the duty would be set at 20 percent.
He said the duty for all 14 commodities would be the same in order to make it easy for the government to calculate the tariff.
"It is difficult to differentiate between one ore and another, as it is still in the form of earth. So, in order to not waste time, which may cause complications at ports, we will impose the same tariff for all materials," Bambang added.
Chief economic minister Hatta Rajasa had previously explained that the main objective of the policy was not to increase the state`s income but to prevent overexploitation of the country`s mining resources and encourage development of downstream industries in the country.
"It is not solely for increasing income, but for preventing overexploitation and overproduction and also promoting downstream industry development," he said.
The 14 mining commodities on which the government will impose export tariffs are gold, copper, silver, tin, lead, chromium, platinum, bauxite, iron ore, iron sand, nickle, molibdenum, manganese, and antimony.***2***
(H-YH/INE/b003/B003)
(T.SYS/B/KR-BSR/B003) 08-05-2012 17:40:29
Editor: Priyambodo RH
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