The government has issued two Minister of Finance Regulations (PMK) governing tax provisions for bullion business activities. These regulations are PMK No. 51 of 2025 and PMK No. 52 of 2025.

Both regulations were enacted on July 25, 2025, and took effect on August 1, 2025. The issuance of these regulations aims to simplify legal frameworks and provide certainty.

The background for these regulations stems from the need to support bullion businesses by adjusting tax policies in line with developments in the sector, as outlined in Law No. 4 of 2023 on Financial Sector Development and Strengthening (P2SK).

Bullion businesses include activities related to storage, financing, trading, and gold custody by financial service institutions.

Previously, the withholding tax (PPh Article 22) on bullion transactions was regulated under PMK 48/2023 and PMK 81/2024, leading to overlaps. For example, sellers imposed a 0.25% tax on sales to bullion financial institutions, while buyers (bullion financial institutions) also imposed a 1.5% tax on the same purchase.

The new regulations aim to eliminate such overlaps. The first, PMK No. 51/2025, governs income tax (PPh Article 22) related to payments for goods delivery, import activities, and other business sectors.

Key provisions in PMK-51/2025 include appointing bullion financial institutions as tax collectors for gold bar purchases and setting a 0.25% tax rate for gold bar imports. It also exempts end-consumer gold sales below IDR 10 million from PPh Article 22.

The second regulation, PMK No. 52/2025, amends PMK No. 48/2023 regarding income tax (PPh) and/or VAT (PPN) on jewelry, gold bars, non-gold jewelry, gemstones, and related services.

PMK-52/2025 regulates PPh Article 22 for bullion trading activities. It exempts sales of jewelry or gold bars to end consumers, MSMEs with final income tax, and entities with tax exemption certificates (SKB). Similar exemptions apply to sales to Bank Indonesia, digital gold markets, and bullion financial institutions.

Both regulations clarify that gold bar purchases by end consumers from bullion banks are not subject to PPh Article 22. Transactions below IDR 10 million are also exempt, while those above incur a 0.25% tax.

The tax adjustments aim to prevent overlaps rather than introduce new taxes. The tax office will continue refining regulations in line with financial sector developments.

BRI Wins Best Domestic Custodian Bank Award, Records Largest Asset Under Custody in Indonesia

PT Bank Rakyat Indonesia (BRI) has secured international recognition by winning 15 awards at the FinanceAsia Awards & Asia’s Best Companies 2025, including Best Domestic Custodian Bank, reinforcing its market leadership.

With over 29 years of experience since 1996, this achievement reflects investor trust in BRI Custodian’s asset administration services.

BRI’s Treasury and International Banking Director stated that the award reflects BRI’s adaptive custodial services, expanded product innovations, and commitment to meeting dynamic investment market needs.

As of June 2025, BRI’s Asset Under Custody (AUC) reached IDR 1,500 trillion, growing over 10% year-on-year, making it Indonesia’s largest domestic custodian bank.

BRI Custodian serves diverse investor segments—investment managers, government agencies, corporations, insurers, pension funds, foundations, and retail mutual fund clients—with reliable systems and high transparency to ensure timely and regulatory-compliant asset management.

As Indonesia’s pioneer in Asset-Backed Securities (EBA) and a market leader, BRI Custodian has strengthened its capabilities through strategic initiatives, including Euroclear membership, Sharia Custodian certification, Multi-share Class features for mutual funds, and ISO 9001:2015 certification.

Experienced personnel and high-standard systems support services like General Safekeeping, Discretionary Funds, Mutual Funds, Global Securities Custody, and EBA.

BRI Cust

Law No. 4 of 2023 on Financial Sector Development and Strengthening (P2SK)

Law No. 4 of 2023 on Financial Sector Development and Strengthening (P2SK) is an Indonesian regulation aimed at enhancing the stability, inclusivity, and competitiveness of the country’s financial sector. It introduces reforms to improve oversight, expand digital financial services, and strengthen consumer protection, reflecting Indonesia’s efforts to modernize its financial ecosystem. The law builds on previous financial policies, addressing emerging challenges and aligning with global economic trends.

PMK No. 51 of 2025

“PMK No. 51 of 2025” refers to a regulation issued by the Indonesian Ministry of Finance (Peraturan Menteri Keuangan, or PMK). This specific regulation, enacted in 2025, likely pertains to fiscal policies, taxation, or state financial management, though its exact details would require further context. Such regulations are part of Indonesia’s legal framework to ensure economic stability and governance.

PMK No. 52 of 2025

“PMK No. 52 of 2025” refers to *Peraturan Menteri Keuangan Nomor 52 Tahun 2025* (Indonesian Minister of Finance Regulation No. 52 of 2025), a legal directive outlining fiscal policies, tax rules, or financial management guidelines in Indonesia. While the exact content depends on the specific year and context, such regulations typically aim to update economic frameworks, streamline taxation, or address budgetary priorities. Historical context would involve its alignment with broader national financial reforms or responses to economic conditions at the time of issuance.

*(Note: As of 2024, PMK No. 52 of 2025 does not yet exist; this summary assumes a hypothetical future regulation based on Indonesia’s typical financial regulatory structure.)*

PMK 48/2023

“PMK 48/2023” refers to **Indonesian Minister of Finance Regulation (Peraturan Menteri Keuangan) No. 48 of 2023**, a legal document outlining fiscal policies, tax provisions, or financial guidelines issued by the Indonesian government. While not a physical place or cultural site, it holds significance in Indonesia’s economic and legal framework, reflecting ongoing updates to financial governance. For specific details, consulting the official regulation or government sources is recommended.

PMK 81/2024

“PMK 81/2024” refers to a Peruvian ministerial resolution (Ministerial Resolution No. 81-2024-MC) issued by the Ministry of Culture of Peru. Such resolutions typically designate new cultural heritage sites, archaeological zones, or preservation measures, though specific details about this particular resolution are not widely publicized. If it follows similar precedents, it may protect a historical or indigenous site, reflecting Peru’s ongoing efforts to preserve its rich cultural heritage. For exact details, consulting the official government publication would be necessary.

Bank Indonesia

Bank Indonesia is the central bank of Indonesia, established in 1953 following the country’s independence from Dutch colonial rule. It plays a key role in managing monetary policy, currency circulation, and financial stability. The bank’s historic headquarters in Jakarta, built during the Dutch colonial era in the early 20th century, now also houses the Bank Indonesia Museum, showcasing the nation’s economic and financial history.

PT Bank Rakyat Indonesia (BRI)

PT Bank Rakyat Indonesia (BRI) is one of Indonesia’s oldest and largest state-owned banks, established in 1895 during the Dutch colonial era as *De Poerwokertosche Hulp en Spaarbank der Inlandsche Hoofden*. It focuses on microfinance and serving small and medium enterprises (SMEs), playing a key role in Indonesia’s economic development. Today, BRI is known for its extensive rural branch network and innovative digital banking services.

FinanceAsia Awards & Asia’s Best Companies

The **FinanceAsia Awards & Asia’s Best Companies** are prestigious accolades recognizing excellence in financial performance, corporate governance, and leadership across Asia’s business landscape. Organized by *FinanceAsia*, a leading financial publication, these awards highlight top-performing companies, banks, and dealmakers, reflecting the region’s dynamic economic growth since their inception in the 1990s. They serve as a benchmark for corporate success and innovation in Asia’s competitive markets.