12% VAT on Luxury Goods to Take Effect on 01 Jan-25

MACROECONOMY 
Russian Gas Era in Europe Ends as Ukraine Stops Transit 
Russian gas exports through Ukraine stopped on New Year's Day after Ukraine declined to renew the transit agreement. Despite three years of war, gas had continued to flow until Gazprom halted it. The EU, prepared for the cut-off, has shifted to alternative suppliers like Norway and the US, reducing its dependence on Russian gas from 35%. In Moldova's pro-Russian region of Transdniestria, the halt disrupted heating, with residents urged to use electric heaters. Ukrainian President Zelensky called the stoppage a major defeat for Moscow and urged the US to boost gas supplies to Europe. (Reuters) 
 

Our take: natural gas price remain volatile in the past 1 week, while coal on the declining trend as most trader in holiday. Meanwhile european gas price benchmark continue its upward trajectory owing to solid gas inventory drawdown. We remain OW on coal sector. 
 

12% VAT on Luxury Goods to Take Effect on 01 Jan-25 
The Govt. has officially increased the VAT rate to 12% for luxury goods starting Jan-25, as stipulated in Minister of Finance Regulation (PMK) No. 131/2024. This applies to taxable goods (BKP) categorized as luxury goods subject to sales tax on luxury goods (PPnBM). Luxury goods covered by the regulation include private jets, yachts, luxury houses, and apartments priced at IDR 30 bn or more. Other goods and services remain taxed at 11%, with essential items exempt from VAT. (Bloomberg) 

COMPANY 
GTS International (GTSI) Distributes Dividend IDR 23.72 bn 
GTSI will distribute interim dividends for the year of 2024 to shareholders with a total of IDR 23.72 bn, with a DPS of IDR 1.5/sh (Div. Yield 
of 3.4%). 
•  Cum Dividends in the Regular Market and Negotiated Market on 09 Jan-25. 
•  Ex Dividend in the Regular Market and Negotiated Market on 10 Jan-25. 
•  Cum Dividends on the Cash Market on 13 Jan-25. 
•  Ex Dividend on the Cash Market on 14 Jan-25. 
•  Recording date: 13 Jan-25. 
•  Interim dividend payment on 30 Jan-25. 
(Kontan)