Indonesia Imposes Export Controls on Natural Resources to Boost Tax Revenue
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4
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Indonesian President Prabowo Subianto announced on May 20th in parliament new export controls on natural resources to counter economic headwinds and increase state tax revenue. All future export sales of commodities like crude palm oil and coal must be channeled through designated state-owned enterprises. The move aims to enhance supervision and prevent practices like under-pricing. Following the news, the Jakarta Stock Exchange index briefly fell by nearly 1.5%.