DSI's Success Should Not Be Measured by Transaction Value, but Fiscal Effect

Head of the Macroeconomics and Finance Centre at the Institute for Development of Economics and Finance (Indef), Rizal Taufikurrahman, believes PT Danantara Sumber Daya Indonesia (DSI) has significant potential to strengthen the national economy. However, he stressed that the institution’s success should not be measured solely by the value of transactions it oversees.

According to Rizal, a far more crucial indicator of success is DSI’s ability to close loopholes in state revenue collection. This includes addressing under-invoicing practices, transfer pricing, and export price deviations that have long been detrimental to the state.

“If that is effective, the tax base, non-tax state revenue, royalties, and export proceeds entering the country will increase. So the fiscal effect comes from improved governance and compliance, not merely from larger trading activity,” Rizal said when contacted on Tuesday (25/8).

From a macroeconomic perspective, Rizal views PT DSI as having a strong opportunity to bolster the supply of foreign exchange in the domestic market. DSI’s presence is expected to ensure that Export Proceeds (DHE) are accurately recorded and repatriated into the national financial system.

“The greater the export proceeds that are recorded, repatriated, and retained in the national financial system, the stronger the support for the rupiah and external stability,” he explained.

Nevertheless, he noted that such significant impact would only materialise if DSI is fully integrated with DHE policies, the taxation system, customs, and strict cross-border transaction supervision.

On the other hand, Rizal reminded the government that PT DSI’s presence should not become a new burden for businesses. He cautioned that the institution must not turn into an additional bureaucratic layer that actually increases export costs.

DSI’s main focus, he continued, should remain on price transparency, data integration, and rule enforcement without sacrificing efficiency.

“If its governance is strong, DSI could become an important instrument for strengthening state revenue as well as external resilience. But if its implementation is inefficient, the foreign exchange benefits obtained could be eroded by a decline in exporter competitiveness,” Rizal concluded.