REPUBLIKA.CO.ID, JAKARTA – There will be no import duty for machinery, as government wants to develop the industry by supporting the increasing of investment and the program of national vehicle industry. According to the press release from the Ministry of Finance on Tuesday, the policy is set on Ministerial Regulation of Finance No. 76/MK.011/2012.

The new regulation revises the PMK No. 176/PMK.011/2009 on the exemption of import duty on imported machine, goods, and materials or the building or development of industries within the framework of investment.

The new regulation is expected to stimulate the industry of vehicle components. Its main target is to develop cheap and environmental friendly car. The regulation also provides law certainty for companies which receive the exemption of import duty but have not been realized in four years due to limited import quota. Those companies will be given time extension up to a year. The regulation also increases the control on the potency of manipulation of import duty through the rule which allow the alienation of machinery and goods.

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