Tax Update: Minister of Finance Regulation Number 48/PMK.03/2023
The Ministry of Finance has issued Minister of Finance Regulation Number 48/PMK.03/2023 (MoF Reg No. 48). MoF Reg No. 48 which is effective from May 1, 2023, replaces MoF Reg No. 41/PMK.010/2022 and MoF Reg No. 30/PMK.03/2014. MoF Reg No. 48 has been issued to regulate provisions regarding the withholding of Article 22 Income Tax, withholding of Article 21/23 Income Tax, and the imposition of Value-Added Tax (VAT) related to the delivery of Jewelry Gold, bullion gold, jewelry made entirely of non-gold materials, gemstones, and/or similar gemstones, and related services. The tax rates for Article 22 Income Tax, Article 21/23 Income Tax, and VAT depends on the type of delivery made.