MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA COPY

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1 MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA COPY REGULATION OF THE MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA NUMBER 227/PMK.04/2015 REGARDING CURRENCY EXCHANGE RATE USED FOR CALCULATION AND PAYMENT OF IMPORT DUTY BY THE GRACE OF GOD ALMIGHTY THE MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA, Considering : a. whereas provisions regarding currency exchange rate used for calculation and payment of import duty have been regulated in the Regulation of the Minister of Finance Number 114/PMK.04/2007 regarding Currency Exchange Rate Used for Calculation and Payment of Import Duty; b. whereas in order to provide better clarity and legal certainty regarding the use of currency exchange rate in the settlement of customs formalities, it is necessary to reregulate the provisions regarding currency exchange rate used the calculation and payment of import duty; c. whereas based on the considerations as set forth in letters a and b, and for the implementation of the provision of Article 30 paragraph (4) of Law Number 10 of 1995 regarding Customs as amended by Law Number 17 of 2006, it is necessary to stipulate a Regulation of the

2 - 2 - Minister of Finance regarding Currency Exchange Rate Used for Calculation and Payment of Import Duty; In view of : Law Number 10 of 1995 regarding Customs (Supplement Number 3612 to State Gazette of the Republic of Indonesia Number 75 of 1995) as amended by Law Number 17 of 2006 (Supplement Number 4661 to State Gazette of the Republic of Indonesia Number 93 of 2006); BE IT HEREBY RESOLVED: To stipulate : REGULATION OF THE MINISTER OF FINANCE REGARDING CURRENCY EXCHANGE RATE USED FOR CALCULATION AND PAYMENT OF IMPORT DUTY. Article 1 As intended herein, the following terms shall have the corresponding meaning as referred to hereunder: 1. Customs Law shall mean Law Number 10 of 1995 regarding Customs as amended by Law Number 17 of Exchange rate shall mean the rate at which Rupiah can be exchanged for foreign currency. 3. Customs Territory shall mean the territory with specific borders at seaports, airports, or other locations designated for freight traffic which shall be fully under the supervision of the Directorate General of Customs and Excise. 4. Customs Office shall mean the office of the Directorate General of Customs and Excise at which the Customs formalities are fulfilled in compliance with the Customs Law.

3 Customs Declaration shall mean a statement made by a person to perform customs formalities in the form and under the conditions as stipulated in the Customs Law. 6. Minister shall mean the Minister of Finance of the Republic of Indonesia. Article 2 (1) Import duty, excise, and/or tax on import shall be paid in Rupiah. (2) Import duty as referred to in paragraph (1) shall be calculated upon the base value for the calculation of import duty. (3) Base value for the calculation of import duty as referred to in paragraph (2) shall use the Exchange Rate stipulated periodically in a Ministerial Decree. (4) Exchange Rate as referred to in paragraph (3) shall also be used as the base for the calculation of excise and/or tax on import. Article 3 Exchange rate as referred to in Article 2 paragraph (3) which applies to: a. Customs Office which has implemented electronic state revenue system, shall mean the Exchange Rate then prevailing at: 1. submission of import customs declaration to Customs Office, in the event that: a) release of import goods from Customs Territory or other locations is carried out by submitting import customs declaration; or

4 - 4 - b) import of goods in the form of electric power, liquid goods, or gas through transmission or pipelines; 2. submission of customs complementary document to Customs Office, in the event that release of import goods from Customs Territory or other locations is carried out by submitting customs complementary document; or 3. determination of customs rate and value through an official assessment. b. Customs Office which has not implemented electronic state revenue system, shall mean the Exchange Rate then prevailing at: 1. payment of: a) import duty, excise, and/or tax on import without submission of guarantee; or b) import duty, excise, and/or tax on import with submission of continuing guarantee; 2. registration of import customs declaration, if: a) no payment of import duty, excise, and/or tax on import is made, and no guarantee is submitted; b) no payment of import duty, excise, and/or tax on import is made, but continuing guarantee is submitted; or c) periodic payment facility is granted; 3. submission of guarantee if, in the settlement of customs formalities, a one-time guarantee is submitted.

5 - 5 - Article 4 In case of more than one foreign currency, the Exchange Rate used as the base value for the calculation of import duty shall be the result of the conversion of 2 (two) or more foreign currencies into one of such foreign currencies as determined. Article 5 (1) In the event that the Exchange Rate of a foreign currency is not listed in the Ministerial Decree as referred to in Article 2 paragraph (3), the Exchange Rate used as the base value for the calculation of import duty shall be the daily spot Exchange Rate of the relevant foreign currency in international markets against United States Dollar prevailing at the closing of the immediately preceding business day. (2) In calculating import duty, excise, and/or tax on import due, the Exchange Rate of the foreign currency as referred to in paragraph (1) shall be multiplied with the Exchange Rate of Rupiah to United States Dollar set out in the Ministerial Decree as referred to in Article 2 paragraph (3). Article 6 Upon the enactment of this Ministerial Regulation, the Regulation of the Minister of Finance Number l14/pmk.04/2007 regarding Currency Exchange Rate Used for Calculation and Payment of Import Duty, shall be revoked and declared as null and void. Article 7 This Ministerial Regulation shall come into effect within 30 (thirty) days upon its promulgation.

6 - 6 - For public cognizance, this Ministerial Regulation shall be announced by publishing it in the State Gazette of the Republic of Indonesia. Enacted in Jakarta on December 16, 2015 MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA, Signed. BAMBANG P.S. BRODJONEGORO Promulgated in Jakarta On December 17, 2015 DIRECTOR GENERAL OF LAWS AND REGULATIONS MINISTER OF LAW AND HUMAN RIGHTS OF THE REPUBLIC OF INDONESIA, Signed. WIDODO EKATJAHJANA STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 1897 OF 2015 Certified true copy Head of General Bureau on his behalf Head of Administration Dept. of the Ministry Signed and sealed GIARTO NIP