Indonesia

Indonesia Sustainability Series: Obligation to Submit Sustainability Report in 2021

0
In 2017, the Financial Services Authority (Otoritas Jasa Keuangan - "OJK") introduced a requirement for certain entities to implement sustainable finance, by issuing Rule No. 51/POJK.03/2017 on Implementation of Financial Sustainability for Financial Services Providers, Issuers and Public Companies ("OJK Rule 51"). 

Indonesia: The OJK has issued a new regulation on risk management for Non-Bank Financial...

0
The Indonesian Financial Services Authority (OJK) has issued OJK Regulation No. 44 of 2020 on Risk Management for Non-Bank Financial Institutions. Non-bank financial institutions under this regulation include insurance companies, pension funds and financing companies. This regulation replaces OJK Regulation No. 1 of 2015 on the same subject matter. This regulation has already come into effect. 

Indonesia: Charging-up Indonesia’s Battery Electric Vehicle Infrastructure

0
The Indonesian government has been pushing the development of Battery Electric Vehicles ("BEV") and related infrastructure with a view to having low carbon emission vehicles account for at least one fifth of all domestically manufactured vehicles by 2025.

Indonesia: The OJK has issued a new regulation on risk management for Non-Bank Financial...

0
The Indonesian Financial Services Authority (OJK) has issued OJK Regulation No. 44 of 2020 on Risk Management for Non-Bank Financial Institutions. Non-bank financial institutions under this regulation include insurance companies, pension funds and financing companies. This regulation replaces OJK Regulation No. 1 of 2015 on the same subject matter. This regulation has already come into effect.In this publication, we focus on the impact of the regulation on insurance companies and insurance intermediary companies. For the purpose of this publication, 'insurance companies' also refers to insurance intermediary companies.

Indonesia: The new regime of post-border import supervision and inspection

0
On 28 May, the Ministry of Trade (MOT) issued a more comprehensive regulation on post-border import by enacting MOT Regulation No. 51 of 2020 on Post-Border Import Inspection and Supervision ('MOT Regulation 51'). When Regulation 51 comes into effect on 28 August, the 2018 post-border import supervision policy[1]  will no longer prevail. 

Indonesia: COVID-19 – Latest Expansion of Tax Incentives

0
The Indonesian government has expanded the tax incentives given to taxpayers that are affected by COVID-19. Some taxpayers that were not entitled to tax incentives under Minister of Finance Regulation No. 44/PMK.03/2020 ("MOF Regulation 44") may now enjoy those tax incentives under Minister of Finance Regulation No. 86/PMK.03/2020 ("MOF Regulation 86"). MOF Regulation 86, which revokes MOF Regulation 44, came into force on 16 July.

Indonesia: COVID-19 – The Government Sets the Maximum Tariff of Rapid Antibody Tests

0
One of the preliminary methods to check if a person has been infected with COVID-19 is a rapid antibody test. In addition, under COVID-19 Task Force Circular Letter No. 7 of 2020 currently, a rapid antibody or PCR (Polymerase Chain Reaction) test result is a requirement for anyone taking public transportation for domestic (interprovincial or intercity) and international travel in Indonesia. Although the accuracy of rapid antibody tests is questionable, the rapid antibody test is the easiest and quickest way to identify COVID-19 exposure.Because it is easy to use, there has been high demand for rapid antibody tests. To ensure a reasonable price, on 6 July, the Directorate General of Healthcare Services ("DGHS") (i.e., a division under the Ministry of Health ("MOH") issued Circular Letter No. HK.02.02/I/2875/2020 on the maximum tariff of Rapid Antibody Tests ("DGHS Circular Letter 02").DGHS Circular Letter 02 is an implementing rule of MOH Decision No. HK.01.07/MENKES/247/2020 on Guidelines on Prevention and Control of Corona Virus Diseases (COVID-19).

Indonesia: Tax facilities for gross split production sharing contract are finally implemented

0
The Minister of Finance has issued Minister of Finance Regulation Number 67/PMK.03/2020 ('MoF 67/2020') on the Provisions of Value Added Tax Or Value Added Tax And Sales Tax on Luxury Goods, as well as Land And Building Tax Facilities In Upstream Oil And Gas Business Activities Under Gross Split Production Sharing Contract.MoF67/2020 provides tax facilities during the exploration and exploitation phases until the commencement of Commercial Production, in the form of:Value Added Tax  ('VAT') or VAT and Sales Tax on Luxury Goods payable are not levied.  Land and Building Tax is reduced up to 100%.MoF 67/2020, which was published on 15 June 2020 and effectively came into force by 15 July 2020, also regulates the procedures to obtain the facilities.

International: COVID-19 Global guide on public contracting

0
In light of the global pandemic, governments across the globe are faced with urgent needs whose immediate coverage is a matter of life and death. Hence, these unusual and uncertain times call for rare and exceptional measures, and without much ado, governments around the globe have provided them. Common to all approaches is the will to enable public contractors to procure the urgently needed supplies to save lives and contain the pandemic without major bureaucratic hurdles.

Indonesia: Expansion of Tax Incentives in Relation to COVID-19

0
The government has expanded the tax incentives given to taxpayers that are affected by COVID-19. Some taxpayers that were not entitled to tax incentives under Minister of Finance Regulation No. 23/PMK.03/2020 ("MOF Regulation 23") may now enjoy those tax incentives under Minister of Finance Regulation No. 44/PMK.03/2020 ("MOF Regulation 44"). The government has also expanded the types of tax for which tax incentives are given. MOF Regulation 44, which revokes MOF Regulation 23, came into force on 27 April. The Directorate General of Taxation has also issued Circular Letter No. SE29/PJ/2020 on 30 April 2020 as an implementing regulation of MOF Regulation 44.
Send this to a friend