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Jakarta, CNBC Indonesia – Cigarette share prices are forecast to be set to move wildly in trading today, on Thursday (11/19/2020) after Finance Minister Sri Mulyani gave a signal that he would not increase the Cigarette excise tax in 2021 The government appears to be considering many aspects due to the COVID-19 pandemic.
The CNBC Indonesia investigation team assessed that the news would have an impact on the shares of cigarette producers listed on the Indonesian Stock Exchange (IDX). In the trading session yesterday, Wednesday (11/18), cigarette shares registered a stronger price.
PT Gudang Garam Tbk (GGRM) shares were reported to have increased 1.06% to the price of Rs 42,425 / pc. Then PT Bentoel International Tbk (RMBA) shares rose 0.55% at a price of Rs 368 / pc.
However, PT HM Sampoerna Tbk (HMSP) shares corrected 1% to Rp.1,485 / unit and PT Wismilak Inti Makmur Tbk (WIIM) shares fell 0.92% to Rp.540 / unit. .
Yesterday, Finance Minister Sri Mulyani Indrawati again questioned the excise tax policy on cigarettes. The minister emphasized that any policy that is taken always considers many things to maintain balance. However, there are always pros and cons.
One of them is related to next year’s Tobacco Use Tariff (CHT), which is still being drafted. He said that policy would listen to input from various parties and consider all aspects.
However, there will still be parties that disagree. He said that one form of protest that took place was the demonstration.
“There was a demonstration by the tobacco growers, they came to Monas to meet the president, then there were farmers who also asked not to go up. So imagine that on the one hand the demonstration asked not to go up, on the other hand someone asked to go up very high ”, he said in webinar virtual, Wednesday (11/18/2020).
According to him, finding a balance between the two is what the Ministry of Finance is doing. He wants this tariff on cigarettes not to harm or benefit a handful of parties.
“We are just trying to balance it out, which means that no one feels like they have won more. So we will continue to do studies,” he explained.
The state treasurer explained that the government made at least five considerations before establishing this excise tax policy on cigarettes. Starting with health, work, tobacco growers, illegal cigarettes, and state revenue.
He hopes that there will not be a significant increase for illegal cigarettes because the increase in tariffs will make the price of cigarettes on the market even higher.
“There are people who have an incentive to make illegal cigarettes, the higher the price the happier they are to make illegal cigarettes, because the difference between the market price and the illegal ones will be very large,” he said.
Therefore, all these considerations are currently being brought together to achieve a good policy for all parties.
“So we are going to balance between them. Then we will issue them on time and the goal is to be able to achieve the most optimal goals in quite a few objectives,” he said.
[Gambas:Video CNBC]
(hps / bag)
