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Bali News

Hi-Yo Silver!

Elimination of 10% V.A.T. on Silver May Prove to be a Boost for Bali's Jewelry Makers.


Bali News: Hi-Yo Silver!
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(3/29/2010)

The government is preparing to remove the value-added-tax (VAT) of 10% on silver as a means of helping to stimulate small and medium-sized handicraft producers.

The planned tax reduction was discussed in a meeting between silver craftsmen in the Gianyar regency and a representative of the Department of Trade and Industry, Leonard Siahaan. From the Directorate General of Small and Medium Sized Industries, Siahaan confirmed that the government is in the process of finalizing the tax exemption. "Hopefully, it will soon be ready so the tax savings can be quickly put in place," said Siahaan.

The tax relief is targeted to be in place by April 14, 2010, after which Bali's large silver-working handicraft sector will enjoy a 10% reduction in their basic production costs.

Bali's silver working industry is centered in the regency of Gianyar in the Sukawati communities of Singapadu and Celuk. According to data from the local department of trade and industry, there are 1,002 silver works in Gianyar employing 4,038 workers. The Ginayar regency generates 60-80% of Bali's exports.

On a recent tour of Gianyar handicraft producers, the Minister of Trade and Industry, M.S. Hidayat was impressed by the evident skills of the Balinese craftsmen, causing him to remark during a stop at a wood carving workshop, "if the skill of these carvers is combined with quality materials, such an industry can never die."

Hidayat promised to intensify the promotion of Bali's handicraft products in a number of overseas markets.


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