According to reporting from Jakarta Globe Indonesia’s Finance Ministry’s Directorate General of State Assets (DJKN) has introduced new rules allowing foreigners to take part in government auctions, even if they don’t have a Taxpayer Identification Number (NPWP.)
Head of the Auction at DJKN, Diki Zenal Abidin, said in Jakarta on Thursday (25/1/24,) that foreign nationals can join auctions but need to show identification from their home country. This is outlined in the Finance Minister Regulation (PMK) No. 122 of 2023 concerning Auction Implementation Guidelines.
“However, it depends on the auction item. If the item cannot be owned by foreign nationals, they won’t be approved as participants. For instance, land with ownership rights,” he added.
Jakarta Globe says that if foreign nationals try to auction restricted items, the system will automatically reject them.
“According to PMK regulations, for example, privately owned land can only be owned by Indonesian citizens with single citizenship and certain entities. If a foreign national still participates, it won’t be approved because our system is unified. So, there are limitations according to the norms regulating the object,” he explained.
The Directorate General of State Assets (DJKN) at the Ministry of Finance reported that the state auction transactions reached IDR 44.3-trillion (approx. USD 2.8-billion) throughout 2023, surpassing the target of IDR 33-trillion. This year’s auction achievement is higher compared to previous years, according to Jakarta Globe.
DJKN documented auction transactions as follows: IDR 18.42-trillion in 2018, IDR 27.02-trillion in 2019, IDR 26.8- trillion in 2020, IDR 35.39-trillion in 2021, IDR 35.23-trillion in 2022, and IDR 44.34-trillion in 2023.
Source: Jakarta Globe
Stock auction image by Nick Youngson CC BY-SA 3.0 Alpha Stock Images
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