Export-proceeds retention eases for some mining exporters from 1 September — but only if a shareholder is American, Chinese, Hong Kong, Australian or Canadian

Indonesia requires exporters of natural resources to park their export proceeds (DHE SDA) onshore: outside oil and gas, that means 100% of proceeds held for 12 months in a state-owned foreign-exchange bank — a significant working-capital lock-up. From 1 September 2026, Article 18A of PP 21/2026 (the second amendment to PP 36/2023) relaxes this for a narrow group: mining exporters may instead retain a minimum of 30% for a minimum of three months, and may use private and foreign banks rather than only state banks. The catch is the eligibility test. A company qualifies only if it is a PT in mining **and** has at least one shareholder from the United States, China, Hong Kong, Australia or Canada holding at least 10%. Japan is not on that list — so a Japanese-owned mining exporter stays on the 100%/12-month rule regardless of how large its stake is. The government identified 64 qualifying exporters out of 537 reviewed.

Key points

• Standard rule, unchanged: natural-resource exporters outside oil and gas must place 100% of export proceeds (DHE SDA) in a state-owned foreign-exchange bank for 12 months. Oil and gas exporters place a minimum 30% for a minimum of three months.
• The Article 18A relaxation, effective for export declarations (PEB) issued from 1 September 2026: a minimum of 30% for a minimum of three months, and the funds may sit at designated private or foreign banks rather than only state banks, with conversion permitted at private banks.
• Eligibility is three cumulative tests: (1) the exporter is a PT operating in mining; (2) at least one shareholder is from the United States, China, Hong Kong, Australia or Canada; (3) that shareholder holds at least 10%. The five countries were selected as the largest sources of mining investment in Indonesia.
• Japan is not among the five qualifying shareholder countries. A Japanese-invested mining exporter therefore remains subject to the full 100%/12-month obligation. Note the asymmetry: Japanese banks (MUFG, SMBC Indonesia) do appear on the list of banks approved to hold these accounts, but that is a separate list from the shareholder-nationality test.
• Fifteen banks are designated to hold Article 18A accounts — five state-owned (Mandiri, BRI, BNI, BTN, Bank Syariah Indonesia) and ten private or foreign (Standard Chartered, Deutsche Bank, MUFG, JP Morgan Chase, Citibank, Bank of China, ICBC Indonesia, China Construction Bank Indonesia, SMBC Indonesia, HSBC Indonesia).
• Scope of the relief: reviewing export data from March 2025 to July 2026 across 537 taxpayer numbers, the government identified roughly 64 exporters — about 12% — that meet the Article 18A criteria.
• Administration sits with the Coordinating Ministry for Economic Affairs, working with the Ministry of Finance and Bank Indonesia.

Sources

• Pajakku — Ketentuan Relaksasi DHE SDA yang Berlaku 1 September 2026 (1 September; Article 18A criteria and effective date)
• Pajakku — Aturan Baru Penempatan DHE SDA dalam PP 21/2026
• CNBC Indonesia — Lengkap! Aturan DHE SDA 1 September 2026 Khusus Eksportir Tambang (31 August; retention percentages, five countries, 15 designated banks)
• ANTARA News — DHE SDA mulai 1 September 2026: Siapa yang dapat relaksasi? (2 September; 64 of 537 exporters qualify)
• IKPI — Aturan Baru DHE SDA Kurangi Ruang Gerak Eksportir