Indonesia increases import duties on bicycles watches, cosmetics (Photo: fashionnetwork.com)
Jakarta (VNA) – Indonesia has placed new import duties onfour types of products, with levies reaching some 40% of the product’svalue in certain cases.
Under the Finance Ministry regulation No. 96/2023, starting fromOctober 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.
Theimport of these products is affecting domestic industry growth, FadjarDonny 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 goodsincluding textiles, footwear and handbags (up to 30%).
The newregulation also asks e-commerce companies and online suppliers to sharedata on imported goods with the General Department of Customs and TaxExcise. The shared data includes name of the company, seller's identity,specifications, categories, and quantity of goods imported into thecountry.
♚ The Finance Ministry's new regulation is in accordance with therecent regulation of the Ministry of Trade to limit imports of cheapgoods and protect local businesses./.
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Indonesia increases import duties on bicycles watches, cosmetics (Photo: fashionnetwork.com) 
