Forty-eight new manufacturing companies are set to enjoy preferential treatment that will enable them to get import licenses for machinery and equipment in just half an hour, a top official with the Investment Coordinating Board (BKPM) has said.
JAKARTA - Forty-eight new manufacturing companies are set to enjoy preferential treatment that will enable them to get import licenses for machinery and equipment in just half an hour, a top official with the Investment Coordinating Board (BKPM) has said.
BKPM chief Franky Sibarani said on Monday that the BKPM had asked the Tax Office for quick and easy procedures on machinery and equipment imports for the 48 companies, which were currently in the process of building facilities.
“We’ve coordinated with the Tax Office. As of Dec. 10, there are 48 new companies already verified to get the green route,” he told reporters.
The green route is a fast track enabling companies to obtain licenses for the import of machinery and equipment in only 30 minutes, compared to the normal three to five days.
According to BKPM data, the 48 companies comprise 39 foreign and nine local firms operating in various industries, such as metals, machinery, electronics, food, electricity and chemicals.
Total investment by the 48 companies is estimated at Rp 127.7 trillion (US$9.01 billion) and should provide jobs for some 29,000 people. The investment is spread across the archipelago, including East Java, South Sulawesi, Papua, West Java, Central Sulawesi, Banten and West Kalimantan.
The Finance Ministry’s director general of taxation, Heru Pambudi, said the green route would enable new companies to complete their construction faster, which would speed up the realization of their planned investment.
“[In addition], the treatment will apply to all industries or investors in the construction stages, not only those in industrial pr bonded zones,” he said.
From January to November this year, planned investment into the country hit Rp 1.66 quadrillion, with around 65 percent to come from foreign investors.
The investment is expected to create employment for 871,640 people. The BKPM aims for realized investment of Rp 519.5 trillion this year and Rp 594.8 trillion next year.
Both the Tax Office and the BKPM stated that more new companies could go through the green route in obtaining import licenses for machinery and equipment to support construction of facilities, as the BKPM would continue to verify new companies.
The BKPM has reviewed 200 companies for the eligibility to go on the fast track, but has verified only 48 companies so far.
Franky said that number could still rise as the BKPM would continue the verification.
To qualify for fast-track import licenses, new companies must meet a number of requirements, such as being in the construction stage, providing up-to-date investment activity reports (LKPM) and presenting business plans for factory or plant construction.
Heru said that if the companies abused the green-route facility, the government would revoke the special treatment and return them back into the “red route”, where they had to go through the normal process in-obtaining import licenses for machinery and equipment.
Source: The Jakarta Post
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