Jakarta, CNBC Indonesia – Along with the issuance of Law Number 7 of 2021 concerning the Harmonization of Tax Regulations (HPP), the Value Added Tax (PPN) in Indonesia has officially increased from 10% to 11% since April 1, 2022.
The government claims that it will prioritize the principle of tax justice. Therefore, various types of goods and services are given a VAT facility, aka 0%. One of the exempted VAT 11%, namely gold bars and granules.
However, one netizen, Pratiwi Gunawan, complained about the fact that when buying gold, which is used as an investment instrument, it is still subject to 11% VAT.
“Gold is an investment instrument? Think again. Once you buy gold in Indonesia, you are already subject to a precious metal tax (0.9%), 11% VAT. While the CAGR of gold for the last 10 years is 1.97%. Buying gold makes you richer ?,” said Pratiwi through her Twitter account @pretcieux, quoted by CNBC Indonesia Monday (4/4/2022).
The existence of 11% VAT collection in gold purchases was later denied by the Special Staff of the Minister of Finance for Strategic Communication, Yustinus Prastowo.
“Sis @pretcieux, please check again when check out. Even though there is a VAT figure of 11% but when check out The VAT is not taken into account because buying gold bullion gets a VAT facility that is not collected. Technical rules will be issued on April 1, 2022,” Yustinus said via his Twitter account @prastow, quoted by CNBC Indonesia, Monday (4/4/2022).
As is known, PT Aneka Tambang (ANTAM) Tbk in an official broadcast revealed, to continue to collect 11% VAT on gold bullion sales transactions to customers.
According to ANTAM, the 11% VAT collection will be followed by a full commitment to the refund process (refund) to customers for 11% VAT, which was previously levied on gold bullion.
In accordance with the provisions, it will be regulated in implementing regulations related to VAT facilities for gold bullion products when the legal product has been issued by the government.
“Therefore, we ask for the willingness of loyal precious metal customers to be able to include a bank account number along with the name of the bank account owner at the time of purchasing gold bullion while we together wait for the implementing regulations regarding the VAT facility for gold bullion products,” explained ANTAM.
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