By Asia News Network
Indonesian Finance Minister Mulyani Indrawati has said her ministry was preparing a ministerial regulation draft to regulate import income tax to curb imports in response to the increasing country’s current account deficit (CAD).
“We in the Finance Ministry are still discussing the issue internally involving the Taxation Directorate General, the Customs and Excise Directorate General and the Fiscal Policy Agency,” said Mulyani.
“We will also talk to the Industry Ministry and the Trade Ministry as well as Bank Indonesia and the Financial Services Authority.”
Previously, the Finance Ministry said it would assess 500 import items, mostly consumer goods that could be replaced by local products.
Fiscal policy head Suahasil Nazara even said the import income tax would be imposed on between 600 and 800 goods that were currently being assessed by the ministry.
“We can use import tax income [to control import]. But we will look into the goods first and what policy we can use,” he said, adding that the ministry was also assessing custom tax of consumer goods that were imported.
“We want to see what is on the list of the Customs and Excise [Directorate General], what kinds of goods that have entered Indonesia. The data is needed so that we can curb the import,” he added. |– The Jakarta Post
Vietnam steel exports up 56% in seven months
In the first seven months of 2018, Vietnam exported 3.41 million tonnes of steel, earning US$2.53 billion, increasing 40.4 per cent in volume and 56.3 per cent in turnover from the same period last year, according to the General Department of Vietnam Customs.
Steel export price increased by 11.3 per cent, reaching an average of $742.8 per tonne. Of which, exports to Hong Kong reached the highest rate with $2,995.8 per tonne, up 33.4 per cent. Exports to Germany increased sharply by 53.5 per cent to reach $2,313.9 per tonne. Some markets also posted good prices such as Switzerland ($1,717 per tonne, up 302 per cent); Turkey ($1,595 per tonne, up 45 per cent); China ($1,503 per tonne, up 6.9 per cent) and Ukraine ($1,463 per tonne, up 53.6 per cent).
In contrast, exports to Taiwan has the lowest price of $556.7 per tonne, a year-on-year decrease of 14 per cent; prices to the Philippines, Pakistan, the Republic of Korea and Bangladesh were $573; $596; $637.9 and $640 per tonne, respectively.
Steel exports to Cambodia posted the highest portion, accounting for 37 per cent of the total steel export volume of the country. Exports to the US, Malaysia and Indonesia accounted for 15.6 per cent, 20.2 per cent and 19.2 per cent, respectively. – Viet Nam News
New Perodua Myvi production disrupted
Production of Perodua’s best-selling model, the new Myvi, has been temporarily halted due to a supply disruption.
In a statement, the company said the disruption at one of its vendors has resulted in some 3,000 customers not being able to register their new Perodua Myvi before the end of August.
“We wish to apologise most sincerely to our customers who have been waiting patiently for their new Myvi,” Perodua Sales managing director Zahari Husin said.
“We take full responsibility for this issue and are putting all the necessary measures in place to ensure that production resumes as soon as possible,” he said. – The Star
Minister calls for new markets for palm oil
Indonesian Finance Minister Sri Mulyani has said that the country should be aggressive in looking for new palm oil markets because of various problems in the traditional markets, such as negative campaigns against the commodity and the impact of the ongoing trade war.
“We should not act defensively or just wait and see,” said Sri Mulyani when speaking in a seminar on palm oil organised by the Indonesian Oil Palm Estate Fund (BPDP-KS) in Jakarta.
“When I worked for the World Bank, I visited many countries in Africa and Latin America. They already had initiatives to develop palm oil. Many companies in Asia, particularly Malaysia, wanted to enter the palm oil business [there].”
She expressed confidence that the export potential of palm oil remained high amid current challenges, particularly in non-traditional markets. – The Jakarta Post