MACROECONOMY
Kemenkeu Added IDR 76 tn in Bank Placements
The Ministry of Finance added IDR 76 tn in government fund placements to several banks as of 10-Nov-25, allocating IDR 25 tn each to Mandiri, BRI, and BNI, and IDR 1 tn to Bank DKI. This lifted total govt. funds reallocated from BI to banks to IDR 276 tn, with Himbara absorbing IDR 167.7 tn (85%) of the earlier IDR 200 tn placement by 22-Oct-25, driven by lower placement cost at 3.8%. (Kontan)

DJP Prepared New Rules to Curb Misuse of 0.5% Final Income Tax
Indonesia’s Tax Directorate General (DJP) is drafting a revision to PP 55/2022 after finding widespread misuse of the 0.5% final income tax scheme for UMKM, including “bouncing” (holding back revenue) and “firm splitting” by businesses exceeding the IDR 4.8 bn threshold. DJP Director General Bimo Wijayanto said the amendment will tighten eligibility under Pasal 57(1)(2) and introduce anti-avoidance rules to exclude taxpayers exploiting the facility, while the Finance Ministry also reviews cases where larger businesses intentionally split entities to retain the lower tariff. (Kontan)

Government Set Permanent 0% Final Income Tax for Small UMKM
Indonesia set a permanent 0% final income tax for UMKM with annual revenue below IDR 500 mn and 0.5% for those under IDR 4.8 bn, following a decision announced by UMKM Minister Maman Abdurrahman on 17-Nov-25. The policy replaces annual extensions and aligns with eased KUR access of IDR 1–100 mn without collateral, while Coordinating Minister Airlangga Hartarto confirmed the 0.5% rate is locked in until 2029 to strengthen micro-business competitiveness. (Kontan)

INDUSTRY
Indonesia to Impose Gold Export Duty of Up to 15% Starting 2026
The govt. will implement a progressive gold export duty beginning 2026, with the PMK regulation now in final harmonization, according to MoF’s Febrio Kacaribu. The duty will apply to dore, granules, cast bars, and minted bars, with rates tied to global gold prices (HMA). When gold prices range from USD 2,800 to below USD 3,200/oz, the duty will be 7.5–12.5%; if prices exceed USD 3,200/oz, rates rise to 10–15%, with the highest tariff applied to dore and cast forms, and the lowest for minted bars. (Kontan)

Indonesia Government Approved Plan to Reinstate Coal Export Levy
Indonesia’s govt. approved the reinstatement of a coal export levy on 17-Nov-25 after Finance Minister Purbaya received support from Commission XI DPR, aiming to broaden state revenue and reinforce downstreaming and decarbonization policies. The levy—last imposed in 2006—is still being finalized, with tariff proposals to be submitted by ESDM and incorporated into a Finance Ministry regulation. ESDM noted the levy will apply only when coal prices are high to avoid burdening miners. (CNBC)

Indonesia’s Installed Power Capacity Reached 107 GW, Coal Still Dominant Indonesia’s installed power capacity reached 107 GW as of Oct-25, with renewable energy contributing 15.47 GW (14.4%), led by hydro (7.1%), biomass (3%), geothermal (2.6%), solar (1.3%), and wind (0.1%). PLN and IPP produced 290 TWh, of which 66.52% still came from coal, while gas supplied 16.34%, renewables 12.9%, and BBM+BBN 4.23%. The govt. projects FY25 power output to climb to 354 TWh, with coal’s share remaining high at 66.54%, supported by 6.3 GW new PLTU capacity either operating or under construction. The ESDM also clarified that the planned revision of Perpres 112/2022 aims to secure grid reliability without relaxing restrictions on new coal plants, while high-emission PLTUs remain candidates for early retirement. (Kontan)

COMPANY
United Tractors (UNTR) Set 2026 Operational Targets Across Core Segments
UNTR set its 2026 guidance with Komatsu sales targeted at ~4,300 units (range up to 4,500) amid expectations of modest improvement in infrastructure activity and coal prices, while PAMA projected stable to slightly higher overburden removal versus the revised 1.13 bn BCM in 2025 as new contracts ramp. The co. guided own-coal sales of 15.1 mn tons and 18.8 mn tons including thirdparty volumes, and expects lower gold output due to Agincourt’s tailings constraints before capacity normalizes in 2027 at ~220k oz. In nickel, the co. targeted ~2.0 mn tons of ore sales, with the ARCA-EF smelter moving from late-2025 trial commissioning to commercial operations in 2026 producing ~12k tons of NPI. (Company)

Semen Indonesia (SMGR) Books Strongest Retail Sales in Bali in Oct-25
SMGR posted its highest retail sales achievement in Bali since last year in Oct-25, supported by solid demand for Semen Gresik and Dynamix across villa, hotel, and infrastructure projects. Management credited strong partnerships with local distributors and retailers for the surge, although specific sales figures were not disclosed. SIG highlighted Bali as a key growth region, reinforced by loyal retailers who consistently prioritize product quality over lower-priced alternatives. (Kontan)

BCA Vista Research

Indonesia Money Supply (M2) Rose 7.7% YoY in Oct-25

Indonesia Loan Growth Eased to 7.36% YoY in Oct-25

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