Minister confirms steel import duty to be raised to 15%

Following lengthy debate, Minister of Finance Bambang Brodjonegoro said that the government has finally decided to increase the import duty of steel products from so-called most favored nations to 15 percent from the current 0-5 percent, Bisnis Indonesia daily reported on Tuesday.

The paper said that Bambang has signed the necessary minister regulation for the increase in the import duty. ?I have signed it. I know that I have to sign the policy,? he told the paper. But as of Monday the new regulation has yet to be issued.

The government has argued that raising the import duty would help protect domestic steel industry particularly as the government plans massive infrastructure projects ahead. (*)