Antam welcomes regulation on gold investment
Thursday, September 1 2016 - 02:40 PM WIB
IDX-listed mining company PT Aneka Tambang Tbk (Antam) welcomes a new Minister of Finance regulation that among others allows funds repatriated under the government?s tax amnesty program to be invested in gold bars.
The Minister of Finance has issued Ministerial Regulation (PMK) No. 122/PMK.08/2016 on Investment of Repatriated Funds related to Tax Amnesty in Non-Financial Market, which outlines the allowable investment forms for the non-financial market, including investment in gold bars/bullion with 99.99 percent purity, produced in Indonesia and accredited and certified by Indonesia National Standard and/or London Bullion Market Association (LBMA).
Antam said in a statement Thursday that under the PMK, the company?s gold bar falls into one of allowable investment forms. Antam said it is currently the sole gold producer in Indonesia with LBMA gold certification.
?Antam?s Precious Metal Processing and Refinery Business Unit (UBPP LM) is the sole gold processing and refinery unit in Indonesia with LBMA certification. The certification ensures the 99.99 percent purity of Antam?s gold with an international standard. Inline with the increasing trend of gold price and the exchange rate volatility, investment in gold is very attractive,? company Finance Director Dimas Wikan Pramudhito said in the statement.
The government of President Joko Widodo has launched the tax amnesty program in a bid to lure back funds parked overseas by Indonesians.
Editing by Reiner Simanjuntak