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What is PMK 48/2023?
PMK 48/2023 is an Indonesian government regulation that regulates the application of Income Tax and/or Value Added Tax on the Sale/Delivery of Gold and related services.
What are the benefits?
The implementation of the PMK 48 Year 2023 regulation is expected to have the following benefits:
Is PMK 48/2023 important?
Yes, PMK 48/2023 is important for gold jewelry manufacturers, gold jewelry traders, and/or gold bullion entrepreneurs in complying with the regulations on how Income Tax and/or Value Added Tax on Sales/Delivery of Gold Jewelry, Gold Bars, Jewelry whose Materials are Not Gold, Gemstones and/or Other Similar Stones, as well as Services related to Gold Jewelry, Gold Bars, Jewelry whose Materials are Not Gold, and/or Gemstones and/or Other Similar Stones do not have applicable schemes and regulations and cannot be missed in every transaction process.
What are the main provisions of PMK 48/2023?
Here are some of the main provisions of PMK 48/2023:
What does PMK 48/2023 mean to me?
PMK 48/2023 aims to provide legal certainty, justice, convenience, and simplicity in the collection or withholding of Income Tax and/or VAT collection on the sale/delivery of gold and jewelry. This is to ensure that all taxpayers are compliant and to protect the gold sector from unfair competition where non-compliant business actors take greater advantage in conducting business activities.
How does PMK 48/2023 help?
PMK No. 48/2023 is intended to provide legal certainty for gold traders in fulfilling their tax obligations, so it is expected that all gold traders will have a clear basis for tax rights and obligations based on applicable law.
Here are some examples of the application of PMK 48/2023 for you:
Mr. U (PKP) delivers Gold Jewelry and/or services related to Gold Jewelry, and other JKP in the form of motor vehicle rental services. Thus:
a. for the delivery of Gold Jewelry and/or services related to Gold Jewelry, Mr. U must collect and remit the VAT payable with a certain amount as stipulated in PMK-48/2023; and
b. on the delivery of motor vehicle rental services, Mr. U is obliged to collect VAT in accordance with the provisions of laws and regulations in the field of taxation.
Details can be accessed at the following link:
https://drive.google.com/file/d/1hhxjQXGF69ztXAwT–NVrjJUVhgku51j/view?usp=sharing
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