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Indonesia increases import duties on bicycles watches, cosmetics

Vietnam Plus - October 20, 2023

Jakarta (VNA) – Indonesia has placed new import duties on four types of products, with levies reaching some 40% of the product's value in certain cases.

Under the Finance Ministry regulation No. 96/2023, starting from October 17, new import tariff ranges 10% to 15% for cosmetics, up to 20% for iron and steel, 25% to 40% for bicycles, and 10% for watches.

The import of these products is affecting domestic industry growth, Fadjar Donny Tjahjadi, a director at the Finance Ministry's Customs and Excise Office said at a recent press conference.

Previously, Indonesia only imposed high import taxes on three types of goods including textiles, footwear and handbags (up to 30%).

The new regulation also asks e-commerce companies and online suppliers to share data on imported goods with the General Department of Customs and Tax Excise. The shared data includes name of the company, seller's identity, specifications, categories, and quantity of goods imported into the country.

The Finance Ministry's new regulation is in accordance with the recent regulation of the Ministry of Trade to limit imports of cheap goods and protect local businesses.

Source: https://en.vietnamplus.vn/indonesia-increases-import-duties-on-bicycles-watches-cosmetics/269936.vn