Category: Trading

Finance Minister Sri Mulyani Indrawati has expressed the hope that the Unqualified Opinion (WTP) obtained from the Supreme Audit Agency (BPK) on the 2020 Central Government Finance Report (LKPP) can further boost public trust.

“It is expected that the public can become more trustful that the nation’s finance is handled well and is optimized to provide the best service for all Indonesian people,”she said during a meeting with the House of Representatives’ (DPR) Budget Agency (Banggar) here on Monday.

In addition, she expects the WTP to demonstrate the efforts taken for preserving the accountability and the quality of State Budget (APBN) management.

However, she did not deny that there is still room for improvement that needs to be considered since Indonesia’s BPK has provided notes and recommendations.

“Whether it is conveyed through the LKPP inspection result report or through several of BPK’s review result reports regarding regional government’s fiscal transparency, fiscal continuity, and fiscal independence,” Indrawati said.

To this end, the government is committed to following up on BPK’s recommendation as best as it can and in accordance with the regulations so that the quality of state budget management can be preserved now and in the future, she added.

The WTP is the end result of all the extraordinary efforts made to maintain state budget accountability amid the COVID-19 pandemic, the minister remarked.

While the nation’s revenue is experiencing a drastic drop, state spending is increasing instead to fulfill the state’s obligation to protect all Indonesian citizens, she said.

“Not just in terms of health, but also in terms of the economy due to the impact of the COVID-19 pandemic,” she asserted.

The Unqualified Opinion on the 2020 LKPP is the fifth that the central government has received since 2016.

Source: Antara News

Minister of Tourism and Creative Economy Sandiaga Uno has said that his ministry will develop medical as well as fitness and herbal tourism programs given their large market share.

“Almost every year, domestic tourists spend more than US$11 billion on health tourism abroad,” he noted at a virtual weekly press conference, held by the ministry here on Monday.

Therefore, several areas such as Jakarta, Medan, and Bali will be promoted as health tourism destinations in the early stages and the concept will later be expanded to other destinations, he added.

The ministry will collaborate with various agencies from other ministries and private sector groups, such as the Indonesian Medical Tourism Association, to support health tourism in Indonesia, he informed.

Indonesia already has good health tourism potential, which can be further developed to allow the nation’s hospitals to compete with hospitals abroad, Uno said.

“For example, Eka Hospital for spinal or spine care. The hospital is the only hospital in Southeast Asia that has German-made medical devices,” he added.

Furthermore, he said that in the midst of the COVID-19 pandemic and the economic challenges posed by it, efforts to increase resilience in the domestic health industry are very necessary.

One of the strategies to increase such resilience is to promote health tourism, with efforts in the early stages focused on domestic tourists, and in the next stage on foreign tourists, he observed.

Meanwhile, fitness and herbal tourism, he said, also have a very large market share, especially in Bali.

“Many foreign tourists have even often come to Bali to do fitness-based tourism and herbal tourism, especially for aesthetics and cosmetics. Therefore, improving the quality of human resources must be done through reskilling and upskilling to provide services with even higher standards,” the minister added.

Source: Antara News

The realization of state income stood at Rp1,647.7 trillion, or 96.9 percent of the target of Rp1,699.9 trillion set in the 2020 state budget, the House of Representatives (DPR) Budget Committee member, Dewi Asmara, informed on Monday.

During a working meeting with the Finance Ministry, she said the realization of state expenditure reached Rp2,595.4 trillion, or 97.7 percent of the target of Rp2,739.1 trillion.

As a result, the 2020 state budget registered a deficit of Rp947.6 trillion, or 91.1 percent of the target of Rp1,039.2 trillion, she informed. The realization of budget financing to offset the deficit is Rp1,193.2 trillion, or 114.8 percent of the 2020 state budget target, pegged at Rp1,039.2 trillion, Asmara said.

“Based on the budget deficit and the budget financing, the amount of unspent funds reached Rp245.6 trillion,” she added.

She said accumulated cash surplus in early 2020 reached Rp212.7 trillion, of which Rp70.6 trillion had been used.

Based on the accumulated cash surplus in early 2020 and the use of accumulated cash surplus and unspent funds in 2020, the unadjusted accumulated cash surplus amounted to Rp387.6 trillion and further increased to Rp388.1 trillion by the end of 2021, she added.

Source: Antara News

Indonesia’s State-Owned Enterprises Ministry expects the MSME Digital Market (PaDI) to serve as a one-stop solution for micro, small, and medium enterprise actors in Indonesia.

“This is a form of MSME Digital Market continuous improvement. In the future, MSME Digital Market is expected to be a one-stop solution for MSMEs,” expert staff for finance and MSME development at the State-Owned Enterprises Ministry Loto Srinaita Ginting said at the opening of the PADI MSME Indonesia Virtual Expo Batch 2 in Jakarta on Monday.

The MSME Digital Market Virtual Expo 2021 Batch 2 is a virtual exhibition for showcasing a variety of products from seven MSMEs supporting partners, she informed. The event was attended by 98 state-owned enterprises and their subsidiaries, she said.

“We can also report that there are 295 MSMEs participating in the MSME Digital Market Virtual Expo 2021 Batch 2, an increase of 51 MSMEs compared to the previous event,” Ginting said.

More than five thousand buyers from 58 state-owned enterprises have expressed their readiness to visit MSME outlets, she informed. At last 40 other state-owned enterprises are preparing to implement the MSME Digital Market, as stipulated by State-Owned Enterprises Minister Thohir. Improvements have been made in the arrangement of the exhibition venue, which, this time, has been divided based on eight product categories so that it would be easier for visitors to see and compare existing products, she said.

The eight categories are infrastructure and building materials, writing and printing equipment, electronics, furniture and home decoration, agro and foods and beverages, creative products, rental and maintenance procurement, and services, Ginting informed.

At least 20 webinars would also be held at the event, which would be presented by state-owned enterprises, MSME supporting partners, as well as several other external parties such as the Directorate General of Taxes, Investment Ministry/Investment Coordinating Board, the Ministry of Cooperatives and SMEs, as well as sources from online law, she said.

“Thus, it is expected that the implementation of the MSME virtual expo will bring more comprehensive benefits. Not only can it offer opportunities to increase transaction acquisition, but also help (participants) gain understanding, education about service and financing policies, especially those related to MSMEs,” she added.

Source: Antara News

Coordinating Maritime Affairs and Investment Minister Luhut Binsar Pandjaitan believes superior human resources are the key to developing the super-priority tourism destination (DPSP) Labuan Bajo, West Manggarai, East Nusa Tenggara.

“Hence, the church’s role is also important to discipline the community, so that we can work,” the minister noted at the signing of a memorandum of understanding for the Development of DPSP Labuan Bajo between the Indonesian Ministry of Tourism and Creative Economy, the West Manggarai District Government, and the Ruteng Diocese here on Monday.

Pandjaitan stated that tourism development must start by improving the quality of human resources (HR).

The minister deems synergy among all parties as crucial to create superior and competent human resources. To this end, collaboration among the Ministry of Tourism and Creative Economy, the West Manggarai District Government, and the Ruteng Diocese is important to transform Labuan Bajo into a superior tourism destination.

Minister Pandjaitan requested that Labuan Bajo be transformed into a qualified and sustainable destination, especially to welcome several international activities that will be held later. He has continued to urge the provincial and district governments to conduct various regional development innovations. The programs must be continuously monitored and work on them should be quick.

Pandjaitan is optimistic that Ruteng Diocese would take on the role of a strategic partner in communicating and strengthening the commitment to develop the country, especially in Labuan Bajo, including through communication to establish sustainable tourism in Labuan Bajo.

He urged the church to continue to deliver messages to always apply tight health protocols amid the pandemic. If the community is disciplined, then super-priority and sustainable tourism can be realized in Labuan Bajo.

Luhut also emphasized that the real commitment of various parties is the key to successful development. Hence, all parties must work hand-in-hand for the success the country’s development.

Source: Antara News

The Workers Social Security Agency (BP JAMSOSTEK) is focusing on increasing participation from micro, small and medium enterprises (MSMEs) to reach its target of five million workers by 2021.

There is a potential of around 60 million people in the MSMEs sector who could be attracted to become active participants in the informal sector, said BPJAMSOSTEK supervisory board member Subhan Gatot here on Monday.

“Unfortunately, involving MSMEs as participants is not easy as they don’t understand social security. In the Labour Laws itself, they were not even covered,” he noted while greeting participants at the commemoration of National Customer Day at the BPJAMSOTEK Palembang branch office.

However, after the Job Creation Law was enacted, the MSME sector was included in the protected category of non-formal workers, he said.

The government is focusing on the MSME sector because various countries that are already better at implementing social security actually take advantage of this sector, he explained. Indonesia is considered far behind compared to Singapore and Malaysia in this regard, he said. Therefore, to attract the participation of MSME actors, BPJAMSOSTEK will carry out various strategies, including involving associations, he informed.

He cited the example of Palembang city, which is estimated to have thousands of SMEs engaged in the pempek culinary sector and songket manufacturing.

“I once communicated with songket sellers. Apparently, they didn’t know that there was a Work Accident Insurance and Death Benefit program whose installments were only IDR16 thousand per month,” Gatot said.

To increase awareness on social security among MSME actors, BPJAMSOSTEK has collaborated with Indonesian Entrepreneurs Association of South Sumatra, he added.

Meanwhile, head of the BPJAMSOSTEK Palembang branch office, Ikbar Saloma, said that out of the 6,909 active companies in the city, 5,800 were MSMEs.

“Indeed, the MSMEs sector has great potential, but we need a special strategy to involve them. What is certain is that we must actively cooperate with them,” he remarked.

Source: Antara News

The Finance Ministry’s Directorate General of Taxes (DJP) appointed WeTransfer BV and OffGamers Global Pte Ltd as the collectors of value-added tax on trading through the electronic systems (PMSE) for digital products sold to consumers in Indonesia.

“Through the inclusion of these two companies, the number of collectors of value-added tax on PMSE appointed by DJP has reached 83 enterprises,” DJP’s Public’s Counseling, Services, and Relations, Neilmaldrin Noor, noted in a statement here on Monday.

Noor emphasized that through this appointment, these enterprises are now tasked with collecting value-added tax for digital products and services that they sell to customers in Indonesia as of September 1, 2021.

“DJP expressed gratitude over the proactive move and collaboration from several entities appointed as the collectors of value-added tax on PMSE,” Noor affirmed.

Noor noted that the DJP will continue to identify and communicate with several other companies that sell digital products from abroad to Indonesia.

“In addition, DJP is actively communicating to identify their readiness, so that in the near future, the number of enterprises, appointed as the collectors of PMSE’s value-added tax, will continue to increase,” Noor affirmed.

Until the end of August 2021, the realization of digital value-added tax revenue had reached Rp2.5 trillion.

Earlier, some 81 global companies were recorded to have collaborated with DJP since the start of July 2020 in order to collect digital value-added tax.

These international companies comprise the Amazon Web Service Inc, Google Asia Pacific Pte Ltd, Google Ireland Ltd, Google LLC, Netflix International BV, Spotify AB, Facebook Ireland Ltd, Facebook Payments International Ltd, Facebook Technologies International Ltd, Amazon.com Services LLC, and Audible Inc.

Source: Antara News

State-owned Enterprises (SOE) Minister Erick Thohir said state-owned firms have fostered 204,609 micro, small, and medium enterprises (MSMEs) actors and over the last 10 years have contributed Rp3,295 trillion to the state.

“Once I involved in SOEs, I was proud as they managed to foster 204,609 MSMEs,” he said in an online seminar titled ‘Career Talk University of Indonesia 2021’ here on Saturday.

In addition, he informed that SOEs had also contributed Rp3,295 trillion to the state over the last 10 years in the forms of taxes, dividends and others that have been used for people-centered government program.

“The most important matter in our working period is that we want to ensure that economic equality and balance can be achieved,” he added.

Hence, the ministry had various programs, for instance the Fostering the Prosperous Family Economy (Mekaar) program run by state-owned financial services company PT Permodalan Nasional Madani (PNM) Persero, the development of the state-owned energy firm PT Pertamina’s small-scale gas station Pertashop in 10,000 sites.

Previously, Thohir had ensured that his administration would be supportive to the MSMEs programs and the community.

He stated that the work of the Cooperatives and SMEs Ministry had become more difficult as the COVID-19 pandemic crisis hit hard the MSMEs sectors which dominates Indonesia’s economic structure.

Evaluating the 1998 monetary crisis, large companies and corporations were heavily affected, hence the SOEs Ministry has carried out a transformation that began with issuance of a Ministerial Regulation to encourage SOEs to open up to each other.

The initiative — which has been in trial for more than one year — has resulted in the consolidation of 43 companies from 12 BUMN clusters.

Source: Antara News