Minister of Finance Regulation Number 48 of 2026 Officially Enacted: Establishing the Criteria for Exporters Eligible for Special Treatment of Natural Resource Export Proceeds

Introduction

On 9 July 2026, the Minister of Finance of the Republic of Indonesia enacted Minister of Finance Regulation Number 48 of 2026 on the Criteria for Exporters Eligible for Special Provisions in Fulfilling the Obligations for the Repatriation, Placement, and Utilization of Natural Resource Export Proceeds (“MoF Regulation 48/2026”), which took effect on 21 July 2026. MoF Regulation 48/2026 establishes specific criteria for exporters, particularly those operating in the mining sector, who are eligible to receive special administrative treatment in relation to the management of Natural Resource Export Proceeds (Devisa Hasil Ekspor Sumber Daya Alam – “DHE SDA”).

The issuance of MoF Regulation 48/2026 implements the mandate under Article 18A of Government Regulation Number 36 of 2023 on Export Proceeds from the Exploitation, Management, and/or Processing of Natural Resources, as most recently amended by Government Regulation Number 21 of 2026 on the Third Amendment to Government Regulation Number 36 of 2023 on Export Proceeds from the Exploitation, Management, and/or Processing of Natural Resources.

Based on the coordination between the Coordinating Ministry for Economic Affairs and the Ministry of Finance, MoF Regulation 48/2026 was issued to provide legal certainty for businesses, maintain a conducive investment climate, and support Indonesia’s commitments under international agreements concluded with its trading partner countries.

Key Provisions

Designation of Trading Partner Countries Eligible for Special Treatment

Pursuant to Article 1 paragraphs (1), (3), and (4), special treatment concerning the obligations for the repatriation, placement, and utilization of DHE SDA may be granted to trading partner countries that have entered into bilateral agreements or trade arrangements with Indonesia.

The designation of trading partner countries eligible for such special treatment is not made unilaterally. Instead, it is determined based on the outcome of an inter-ministerial and inter-agency coordination meeting organized by the ministry responsible for coordinating government affairs in the field of economic affairs.

Forms of Special Treatment for DHE SDA in the Mining Sector

Pursuant to Article 1 paragraph (2), special treatment is granted in respect of Natural Resource Export Proceeds (DHE SDA) originating from the mining sector.

Such special treatment includes:

·      the obligation to place at least 30% (thirty percent) of DHE SDA in a dedicated DHE SDA special account for a minimum placement period of 3 (three) months from the date of deposit into the special account;

·      permitting the placement of mining-sector DHE SDA in a special account maintained with a bank licensed to conduct foreign exchange business; and

·      permitting the conversion of mining-sector DHE SDA into Indonesian Rupiah through a bank licensed to conduct foreign exchange business.

The granting of such special treatment is intended to provide greater flexibility in the management of DHE SDA from the mining sector without prejudice to the obligation to place export proceeds in accordance with the prescribed minimum percentage and placement period.

Criteria for Exporters Eligible for Special Treatment

Pursuant to Article 2, special treatment is available only to exporters that satisfy specific legal and ownership requirements to ensure that the facility is granted appropriately.

To qualify for such special treatment, an exporter must satisfy all of the following requirements:

·      be established in the form of a limited liability company;

·      have at least 1 (one) shareholder originating from a designated trading partner country determined through the coordination meeting of the ministries and agencies responsible for synchronization, coordination, and supervision of governmental affairs in the field of economic affairs; and

·      ensure that such shareholder from the designated trading partner country holds at least 10% (ten percent) of the shares in the exporting company.

Closing

MoF Regulation 48/2026 establishes the criteria for exporters eligible to receive special treatment in fulfilling their obligations relating to the repatriation, placement, and utilization of DHE SDA. Through provisions governing designated trading partner countries, shareholding requirements, and greater flexibility in the management of DHE SDA from the mining sector, MoF Regulation 48/2026 introduces a more structured mechanism for implementing Indonesia’s DHE SDA policy while preserving the objective of maintaining the country’s foreign exchange reserves.

In addition to providing greater legal certainty for businesses, MoF Regulation 48/2026 supports the implementation of Indonesia’s commitments under international trade agreements while maintaining competitiveness and a favorable investment climate. Exporters seeking to benefit from the special treatment should ensure that their ownership structure and corporate arrangements comply with the requirements stipulated under MoF Regulation 48/2026 so that the facility may be utilized in accordance with the applicable laws and regulations.