On April 28, 2023, the Minister of Finance issued Regulation No. 48 of 2023 (PMK-48). PMK-48 regulates the collection of Article 22 Income Tax on the sale of gold jewelry and gold bars by gold jewelry and gold bar businesses. The rate of Article 22 Income Tax is 0.25% of the selling price, which is collected at the time of sale. Collection of Art. 22 Income Tax is not final. Withholding of Art. 22 Income Tax is exempted on sales to end consumers, taxpayers that are subject to final income tax, and taxpayers that obtain certificates of exemption.

With respect to VAT, PMK 48 stipulates that gold jewelry manufacturers and gold jewelry traders must become Taxable Entrepreneurs. It is further stipulated that gold jewelry manufacturers and gold jewelry traders are required to collect and deposit the VAT payable using a certain amount.

PMK-48 is effective from May 1, 2023.