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Indonesia also agreed to open the service sector to Korean investment, although the agriculture, forestry and fishery sectors were excluded in the agreement. Online video games were also covered in the agreement. [1] The agreement also covers human resource development in Indonesia, [2] and technology transfers. [3]
[10] [11] [12] In May 2023, the central banks of South Korea and Indonesia signed a memorandum of understanding to promote bilateral trade in national currencies, moving away from the US dollar as an intermediary. They said in a joint statement that the step is expected to help South Korean and Indonesian corporations to lower transaction costs ...
11% [d] VSK, VASK = Virðisaukaskattur India [e] [137] 18% 5% VAT = Value Added Tax Indonesia</ref> [138] 12% 12%, 0% for primary groceries, medical services, financial services, education and also insurance PPN = Pajak Pertambahan Nilai Iran 9% VAT = Value Added Tax (مالیات بر ارزش افزوده) Isle of Man 20% ? Israel [f]
Value Added Tax termed 'Goods and Services and Sales Tax on Luxury Goods' Law ("Undang-undang Pajak Pertambahan Nilai atas Barang dan Jasa dan Pajak Penjualan atas Barang Mewah"/UU PPN and PPn BM): Law No. 8/1983, amended I by Law No. 11/1994, amended II by Law No. 18/2000, amended III by Law No. 42/2009, partially amended by Law No. 7/2021;
South Korea accused Indonesia of "dumping" (pricing below cost) paper export, and forced some Indonesian paper producers to pay a higher tariff. [3] On June 4, 2004 Indonesia requested that South Korea hold bilateral consultations. [4] However, a bilateral consultation on July 7, 2004 failed to reach an agreement. [4]
At the same time, the regional economies of Thailand, Malaysia, Indonesia, Singapore and South Korea experienced high growth rates, of 8–12% GDP, in the late 1980s and early 1990s. This achievement was widely acclaimed by financial institutions including IMF and World Bank , and was known as part of the " Asian economic miracle ".
The economy of South Korea is a highly developed mixed economy. [19] [20] [21] By nominal GDP, the economy was worth ₩2.61 quadrillion (US$1.87 trillion).It has the 4th largest economy in Asia and the 12th largest in the world as of 2025. [3]
' Indonesia Trading Company '), or PPI, is the only Indonesian state-owned trading house. Its business is in export , import and distribution . PPI was formed through the merger of three former so-called "Niaga" companies, state-owned trading companies PT Tjipta Niaga, PT Dharma Niaga and PT Pantja Niaga, on 31 March 2003.