Indonesia seals Tiffany stores on suspicion of illegal imports
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Indonesia has sealed three Tiffany & Co stores in Jakarta on suspicion of import violations.
PHOTO: BLOOMBERG
JAKARTA – Indonesia has sealed three Tiffany & Co stores in Jakarta on suspicion of import violations, part of a broader crackdown on undeclared high-value goods under the administration of President Prabowo Subianto.
The Customs authorities on Feb 11 sealed the stores in three luxury shopping malls in the Indonesian capital pending checks on whether the company had paid levies on imported goods, customs enforcement official Siswo Kristyanto was cited as saying by local news outlets, including Detik.
Officials in South-east Asia’s largest economy have stepped up enforcement against illegal imports, part of a broader Finance Ministry push to protect domestic markets and plug revenue leaks as Mr Prabowo rolls out costly flagship programmes, including a free-meals initiative.
Finance Minister Purbaya Yudhi Sadewa said Feb 12 that the closures were an example of efforts by the directorate general of customs and excise to help secure state revenues and to ensure the local market is clean of illegal goods, the local media reported.
Customs officials are reconciling store inventory against import declaration documents, and local media have reported potential administrative penalties if violations are proven.
LVMH Moet Hennessy Louis Vuitton, owner of Tiffany & Co, did not immediately respond to a request for comment. BLOOMBERG
