Starting from 1 August 2023, exporters of natural resource products, which for now covers only those produced from mining, plantation, forestry, and fishery businesses, must place at least 30% of the proceeds generated from the export of these products, known as Foreign Exchange Export Proceeds from the Export of Natural Resources Goods or Devisa Hasil Ekspor dari Barang Ekspor Sumber Daya Alam ("DHE SDA"), in the country's financial system. This requirement under Government Regulation No. 36 of 2023 ("Regulation") aims to ensure that the rapid growth in the export of natural resources is accompanied by a proportional growth of foreign exchange proceeds held within Indonesia's domestic financial system, enhancing the nation's profitability. The Regulation introduces a "reward and punishment" approach by offering incentives for compliance while imposing sanctions for non-compliance.
Under the Regulation, exporters are mandated to place a specified percentage of DHE SDA in a special account and maintain it for at least three months. The rule applies to exporters with DHE SDA of at least US$250,000 recorded in their Exports Custom Notification or Pemberitahuan Pabean Ekspor ("PPE"). While the Regulation has a broad scope, it excludes exports not involving foreign exchange and barter trades. Exemptions also apply to exporters with PPE registrations predating 1 August 2023, and those already monitored by Bank Indonesia or the Financial Services Authority (OJK) under the previous regulatory regime. To incentivise compliance, the Regulation offers tax benefits for income generated from DHE SDA placed in approved financial institutions. The Government has also issued a separate regulation with more lenient sanctions for non-compliance, including the suspension of export services. These changes reflect Indonesia's commitment to aligning economic development with the export of natural resources, and exporters in the specified sectors must adjust their business plans to accommodate this regulatory shift.
Additional implementing regulations may be expected in the future to provide further details on the incentives offered under this new Regulation.
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