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New export receipt rules ‘mostly good’ but must not hamper cashflow
Businesses and experts understand the government’s intentions behind a new regulation on export receipts (DHE) but say some requirements could complicate exporters’ operations and cashflow.
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A fisherman throws his net to catch shrimp and fish in shallow waters of Banda Aceh in Aceh on Oct. 29, 2016. (Antara/Irwansyah Putra)
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usinesses and experts understand the government’s intentions behind a new regulation on export receipts (DHE) but say some requirements may complicate exporters’ operations and cashflow.
Signed by President Joko “Jokowi” Widodo on July 12 and set to become effective on Aug. 1, Government Regulation (PP) No. 36/2023 aims to keep foreign exchange earnings onshore in order to stabilize the national economy.
“This [regulation] is aimed at […] pushing sources of financing for the development of the economy,” reads the second stipulation.
The new rules oblige exporters to open special accounts in Indonesia in which they must keep at least 30 percent of their total export receipts for at least three months.
The exporters will be given three months to deposit that sum, starting from the month they declare their exports to the customs office.
The requirements apply to exporting businesses engaged in mining, plantation agriculture, forestry or fishery whose DHE, as stated in the export declaration, surpass US$250,000. Exporters with receipts below that amount are encouraged to voluntarily open such an account for their export earnings.
Under Law No. 25/2007, exporters are not allowed to use the deposited sum except for payments on exit duties and other export-related fees, debt payments, imports, dividends and capital investment.
