Indonesia to levy gold export duties from December 23

Indonesia will impose duties on exports of gold products from December 23, a regulation on the finance ministry’s website showed on Wednesday, a step that could earn revenue of $180 million next year for the southeast Asian nation.

Duties ranging from 7.5% to 12.5%, depending on the type of gold product, will kick in when the government-set reference price falls between $2,800 and $3,200 a troy ounce.

The duties will rise to between 10% and 15% once the reference price reaches $3,200 per troy ounce.

Minted bars will face the lowest duties, while the highest duties are set for dore, or semi-pure ingots, the website showed.

The reference price is to be set periodically by the trade ministry based on benchmark prices of gold, it added.

On Monday, Finance Minister Purbaya Yudhi Sadewa said the gold export tax could earn revenue of as much as 3 trillion rupiah ($180 million) in 2026.

($1=16,680.0000 rupiah)

(By Fransiska Nangoy, Bernadette Christina Munthe and Ananda Teresia; Editing by John Mair and Clarence Fernandez)