REPUBLIKA.CO.ID, JAKARTA -- Indonesia has enforced the Safeguard Measures Import Duty, or BMTP, for flat-rolled products made of iron or non-alloy steel for three years, based on Ministry of Finance Regulation No. 137.1/2014, dated July 7, 2014.
The Ministry of Finance's press release received here, Wednesday, said the import duty will be imposed on flat-rolled products of iron or non-alloy steel with a width of 600 mm or more and that has been plated or coated with an aluminum-zinc alloy; contains less than 0.6 percent carbon, according to its weight; and has a thickness of up to 0.7 mm.
The application of the regulation came in response to a proposal from the Minister of Trade and as a follow up to the investigations and recommendations of the Indonesian Trade Security Committee.
The import duty is to be imposed on flat-rolled products of iron or non-alloy steel from all countries, except the 120 countries listed in the annex of the Minister of Finance's Regulation.
The import duty for the first year, to be applied within one year from the date of enactment of the regulation, is Rp4,998,784, or about US$424 per ton.
For the second year, to be applied one year from the date of expiry of the first year, the import duty will amount to Rp4,314,161, or about US$366 per ton.
For the third year, to be applied one year from the date of the expiry of the second year, the import duty will amount to Rp3,629,538, or US$308 per ton.
The import duty comes in addition to the general duties or the preferred additional duties, based on the schemes listed in the international goods trade agreement if the imports originate from countries included in the particular scheme and if they meet the provisions listed in that scheme.
Importers have to submit the Certificate of Origin for imported products from excluded countries and from countries that are eligible for the import duty.
This regulation is valid for three years, commencing from the date of its enforcement, which was seven days after its announcement on July 15, 2014.
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