Indonesia will add at least one of Japan or South Korea to its list of designated countries eligible for the relaxed export proceeds rule within the next 6 to 12 months.
The scheme, which lets qualifying mining exporters retain just 30% of forex proceeds for three months instead of the standard 100% for 12 months, currently covers only investors from the United States, China, Hong Kong, Australia and Canada. Major Japanese and Korean investors in Indonesian nickel processing, holding stakes comparable to those from covered countries, have strong incentive to lobby for inclusion, and Jakarta has previously expanded similar carve-outs under bilateral pressure.
The scheme, which lets qualifying mining exporters retain just 30% of forex proceeds for three months instead of the standard 100% for 12 months, currently covers only investors from the United States, China, Hong Kong, Australia and Canada. Major Japanese and Korean investors in Indonesian nickel processing, holding stakes comparable to those from covered countries, have strong incentive to lobby for inclusion, and Jakarta has previously expanded similar carve-outs under bilateral pressure.