Kemenkeu Finalizes Gold Transaction Tax Regulations

The Ministry of Finance (Kementerian Keuangan – “Kemenkeu”) will soon finalize the discussion of Draft Regulation of the Minister of Finance (Rancangan Peraturan Menteri Keuangan – “RPMK”) on the Adjustment of Provisions on Article-22 Income Tax (Pajak Penghasilan – “PPh”) on Bullion Business Activities and Imports of Gold Bars. his regulation will adjust the amount of tax levied in the derivative financial asset transaction chain, so that there is no mutual collection.

“It is currently in the finalization process because in principle we want to provide convenience for all parties with the same level of benchmarking and playing field,” said the Head of the Financial Sector Policy Center of Kemenkeu, Adi Budiarso to Hukumonline.

Currently, the imposition of Article-22 PPh on gold transactions, both gold jewelry and gold bars, is regulated in Regulation of the Minister of Finance No. 48 of 2023 (“PMK 48/2023”). The collection of Article-22 PPh is also not carried out on the sale of gold bars to Bank Indonesia (“BI”) or the sale of gold bars through the physical digital gold market as regulated in the regulations of the Futures Trading Supervisory Agency (Badan Pengawas Perdagangan Berjangka – “Bappebti”).

"The target is to complete it this year," he concluded.