The Indonesian government will implement an export duty on gold, starting next year, with the Finance Minister’s regulation specifying the tariff expected to be issued in November.
Febrio Kacaribu, Director General of Economic and Fiscal Strategy at the Ministry of Finance, noted that talks on implementing the policy are nearly complete, positioning it as a potential new source of state revenue.
“The Minister of Finance regulation for the imposition of export duty on gold is at the final stage of the process,” Febrio said during a meeting with the House of Commission XI (DPR) in Senayan, Jakarta, on Monday.
According to Febrio, the export duty will apply to several forms of gold, including dore, granules, ingots, or cast bars, and minted bars. The tariff will be calculated based on either the global gold price or the reference mineral price (HMA), with rates set between 7.5% and 15%.
The regulation will take effect two weeks after its official enforcement. The period will be used to prepare for on‑site implementation and to finalize the Trade Ministry’s regulations and decisions regarding the benchmark export price (HPE) for gold.
The export duty on gold is also intended to support domestic downstream initiatives. Febrio highlighted that gold prices have surged sharply, surpassing $4,000 per troy ounce in the fourth quarter. “Thus, we need to ensure that as much gold supply as possible is available domestically,” he said.
Beyond promoting downstream industries and smelters, the government is also taking into account the growing bullion bank ecosystem. Febrio highlighted that the public has already benefited from this development, underscoring the need for greater gold liquidity in the domestic market.
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