Sanctions For The Violation Of The Provisions On Foreign Exchange From Export Proceeds

The Ministry of Finance has issued Regulation of the Minister of Finance Number 98/PMK.04/2019 regarding Rates of Administrative Sanction in the Form of Fine and Procedure for the Imposition, Collection, and Payment of Administrative Sanction in the Form of Fine for Violations of the Provisions on Foreign Exchange from Export Proceeds from Natural Resources Business, Management, and/or Processing Activities constituting an implementing regulation of Government Regulation Number 1 Year 2019 regarding Foreign Exchange from Export Proceeds from Natural Resources Business, Management, and/or Processing Activities.

Such regulation of the Minister of Finance affirms the imposition of administrative sanction in the form of fine for the violation of provisions on foreign exchange from export proceeds from natural resources business, management, and processing activities. If exporters do not place their foreign exchange from export proceeds into a special account in the determined period, they will be subject to a fine of 0.5% of the value of foreign exchange from export proceeds which has not been placed into the special account.

In addition, exporters using foreign exchange from export proceeds for payments other than the determined payments will be subject to a fine of 0.25% of the value of foreign exchange from export proceeds used for those payments. Meanwhile, exporters which do not move their escrow account overseas into the country will be subject to an administrative sanction in the form of suspension of the provision of customs services in the area of export.

 

Source: https://legalcentric.com/content/view/140935 

Director of General Taxation Circular Letter Number SE-24/PJ/2018
Director of General Taxation Circular Letter Number SE-24/PJ/2018

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