By : Benny Handoko, Uvani M.Rodoputri
27-Mar-2024
SHARES BUYBACK BY LISTED COMPANIES
The Indonesia Financial Services Authority (Otoritas Jasa Keuangan, “OJK”) continues to enhance capital market activities by enacting OJK Regulation Nr. 29 of 2023 concerning buyback of shares issued by listed companies (“OJK Regulation Nr. 29/2023”), which came into effect on December 29, 2023. This regulation revokes the previous regulation on the same matter, namely OJK Regulation Nr. 30/POJK.04/2017 (“OJK Regulation Nr. 30/2017”).
...
By : Riza Buditomo; Rinaldi Raymond; Reza Fahlevi
28-Nov-2023
Download: New Provisions on Import and Export of Consignment Goods
I. In Brief
The Minister of Finance (“MOF”) has issued Regulation No. 96 of 2023 on Customs, Excise and Tax Provisions on the Import and Export of Consignment Goods (“MOF Reg. 96”) which amended by MOF Regulation No. 111 of 2023 (“MOF Reg. 111”). Please note that MOF Regulation 96 revokes MOF Regulation No. 199/PMK.010/2019 of 2019 on Customs, ...
By : Riza Buditomo
28-Nov-2023
By : Richard Yapsunto, Renaldy Warokka
21-Nov-2023
Recently, the Indonesian government issued the President of Republic Indonesian Regulation Nr. 57 of 2023 concerning “Mandatory Report on Job Vacancy” (“PR 57 of 2023”), which revokes the previous regulation, namely Presidential Decree 4 of 1980.
One of the main considerations in the issuance of PR 57 of 2023 is that employment information from employers is needed to improve labor placement services in a single labor market, which is related to the government's efforts to reduce the unemployment rate.
Based on the above, it is necessary to have a ...
By : Riza Buditomo; Muhammad Ramzi; Devi Mutia Alisa
13-Oct-2023
Download: Reformation in Indonesia’s E-Commerce Ecosystems
I. In Brief
Continuing the discussion in our Part III newsletter (which can be found here), the Minister of Trade (“MOT”) has issued MOT Regulation No. 31 of 2023 on the Provisions for Business Licensing, Advertising, Supervision, and Oversight of Business Entities Engaged in Electronic Commerce (<...
By : Riza Buditomo; Rinaldi Raymond; Devi Mutia Alisa
12-Oct-2023
I. In Brief
To strengthen the role of compliance examination for service users after the goods have left the customs area (post-clearance control through risk-based re-examination mechanisms), the Indonesian Minister of Finance ("MOF") has issued MOF Regulation No. 78 of 2023 on Customs Re-Examination (“MOF Regulation 78”). MOF Regulation 78 was issued to serve as an implementing regulation that provides further provision on the execution of re-examination (Penelitian Ulang/Penul) conducted by the Directorate
General of Customs and Excise (“Directorate General”).
By : Riza Buditomo, Muhammad Ramzi, Rinaldi Raymond
06-Sep-2023
PART 4: TECHNICAL GUIDELINES ON THE IMPORTED GOODS FOR USE
I. Brief
In relation to declaring import declaration form (Pemberitahuan Impor Barang “PIB”) of intangible goods being imported into Indonesia, in 2022, the Indonesian Minister of Finance (MOF) issued MOF Regulation No. 190 of 2022 on imported goods for use ("MOF Reg 190"). One of the notable highlights of MOF Regulation 190 is the new import declaration procedure for use and intangible goods (e.g., digital goods).
However, as it ...
By : Mutiara Rengganis, Bob Allen Simatupang, Siti Kartikatul Qomariyah
30-Aug-2023
Key Regulatory Update: Indonesia’s New Requirements on Foreign Exchange Export Proceeds from Natural Resources
Commencing on 1 August 2023, significant updates, and new requirements on Foreign Exchange Export Proceeds from Natural Resources (Devisa Hasil Ekspor dari Barang Ekspor Sumber Daya Alam – “DHE-SDA”) have come into effect, as outlined in the recently enacted Government Regulation of the Republic of Indonesia Nr. 36 of 2023 on Foreign Exchange Export Proceeds from the Business, Management and/or Processing of Natural ...
By : Riza Buditomo
07-Aug-2023
PART 3: DIGITAL MARKET TRADING ININDONESIA: A PROPOSEDHARMONIZATION PLAN
I. Brief
In an effort to keep up with the rapidly changingglobal digital landscape, the Ministry of Trade("MOT") is making strides to improve the digitalmarket trading environment. Their latest proposalaims to achieve harmony by updating the currentMOT Regulation No. 50 of 2020, which governsBusiness Licensing, Advertising, Supervision, andOversight of Electronic Commerce Entities ("MOTReg 50").
According to various public news platforms, Zulkifli Hasan, the ...
By : Riza Buditomo; Muhammad Ramzi
07-Aug-2023
1. Brief
In 2020, the Ministry of Trade (MOT) unveiled a new post-border import regulation, MOT Regulation No.51 of 2020 on Post-border Import Inspection and Supervision (MOT Reg 51), heralding a significant shift in the oversight of imported goods. MOT Reg 51 replaced all prior policies governing post-border import supervision, encompassing the spectrum of import licenses subject to scrutiny, the inspection procedures, and the penalties applicable to offenders.
Notably, the government's Omnibus Law has paved the ...
By : Riza Buditomo
06-Aug-2023
1. Brief
As you may be aware the Minister of Finance issued Minister of Finance Regulation No. 190/PMK.04/2022 on Self-Consumed Imported Goods ("MOF Reg 190") which takes effect on 14 January 2023.
This regulation provides a new import declaration submission mechanism of consumed goods in the form of intangible goods, e.g., software for server products or other digital goods, which ...
By : Riza Buditomo, Muhammad Ramzi
25-May-2023
I. In Brief
In 2020, the Ministry of Trade (MOT) unveiled a new post-border import regulation, MOT Regulation No. 51 of 2020 on Post-border Import Inspection and Supervision (MOT Reg 51), heralding a significant shift in the oversight of imported goods. MOT Reg 51 replaced all prior policies governing post-border import supervision, encompassing the spectrum of import licenses subject to scrutiny, the inspection procedures, and the penalties applicable to offenders.
Notably, the government's Omnibus Law has paved the way for streamlining post-border procedures. In this context, MOT Reg 51 ...
By : M. Arie Armand, Agung Santoso, Suherlin
11-Jan-2021
On 26 October 2020, the government of the Republic of Indonesia has issued Law Nr. 10 of 2020 concerning Stamp Duty (the “New Stamp Duty Law”) which will come into effect on 1 January 2021. This New Stamp Duty Law revokes the previous Law Number 13 of 1985 concerning Stamp Duty (the “Old Stamp Duty Law”).
In order to give a brief outline on this New Stamp Duty Law, below are a few notable updates thereunder:
I. Increase of Stamp Duty Price
<...
By : Agung Santoso, Frendy T. Yoga
04-Jan-2021
Pada tanggal 5 Oktober 2020, Dewan Perwakilan Rakyat Republik Indonesia mengesahkan Rancangan Undang-Undang Cipta Kerja, yang kemudian diundangkan pada tanggal 2 November 2020, menjadi Undang-Undang No. 11 Tahun 2020 tentang Cipta Kerja, (“UU No. 11/2020”) yang juga dikenal secara luas dengan sebutan Omnibus Law. UU No. 11/2020 merupakan suatu undang-undang yang disahkan dengan tujuan untuk mendorong penyerapan tenaga kerja Indonesia seluas-luasnya melalui perubahan pengaturan yang berkaitan dengan kemudahan, perlindungan, dan pemberdayaan koperasi dan usaha mikro, kecil, dan menengah (“UMKM”), peningkatan ekosistem investasi, dan percepatan proyek strategis nasional, ...
By : Robie Aryawan Haris, Aljefri Febrizarli, Renaldy Maxmiliaan Warokka
14-Dec-2020
I. INTRODUCTION
The Law No. 11 of 2020 on Job Creation (Undang Undang Cipta Kerja) or also known as the Omnibus Law (“Omnibus Law”) is a comprehensive set of laws, issued by the Legislation Body of the House of Representative of the Republic of Indonesia (Dewan Perwakilan Rakyat – DPR), on behalf of the Indonesia government, to address several complex issues by amending numerous laws and regulations.
In the framework of strengthening protection for employees and increasing the role and welfare of employees ...
By : Marion Elisabeth, Edwin Giovan Santoso, Bianca Timothie
07-Dec-2020
INTRODUCTION
The Law No. 11 of 2020 on Job Creation (Undang Undang Cipta Kerja) or also known as the Omnibus Law (“Omnibus Law”) is a comprehensive set of laws, issued by the Legislation Body of the House of Representative of the Republic of Indonesia (Dewan Perwakilan Rakyat – DPR), on behalf of the Indonesia government, to address several complex issues by amending numerous laws and regulations.
As a part of tax reform program, the Omnibus Law changes (...
By : Mutiara Rengganis, Evan J. Cane, Hafil N. Rahman
17-Jul-2020
Government of Republic Indonesia has recently enacted Law No. 3 of 2020 (“Law No. 3/2020”) concerning the Amendment of Law No. 4 of 2009 concerning Mineral and Coal Mining (“Law No. 4/2009”) and comes into effect at the same date of the enactment, which is 10 June 2020.
Law No. 3/2020 has made some material changes to provisions under the previous Law No. 4/2009 which may affect investment in mineral and coal mining sector. The following are some key changes in Law No. 3/2020 which should be taken into account when investing in mineral ...
By : Arie Armand, Benny Handoko, Alisya Anindita Febriani
26-Jun-2020
Introduction
Directorate General of General Law Administration (Direktorat Jenderal Administrasi Hukum Umum) of the Minister of Law and Human Rights (the “MoLHR”), the governmental agency which has the authority to administer the registration of legal entity in Indonesia, has taken a policy that starting from 30 January 2020, all corporations, including companies, foundations, cooperatives, firms (firma), associations, and commanditaire vennootschap shall report its Beneficial Owner (as defined below) to the MoLHR through the legal entity administration system (<...
By : Arie Armand, Agung Santoso
23-Jun-2020
On 19th March 2020, Bank Indonesia (i.e. the Central Bank of Indonesia – “BI”) has enacted Bank Indonesia Regulation Nr. 22/2/PBI/2020 (the “2nd Amendment”) concerning Second Amendment to Bank Indonesia Regulation Nr. 20/10/PBI/2018 concerning Domestic Non-Deliverable Forward Transaction (the “PBI on DNDF”) (collectively, the “2nd Amended PBI on DNDF”) which comes into effect at the same date as the enactment.
The (only) new feature installed in this 2nd Amendment is the insertion of IDR bank account ownership by Foreign ...
By : Wemmy Muharamsyah, Agung Santoso, Suherlin
21-Jun-2020
Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has recently enacted Financial Services Authority Regulation (Peraturan OJK - “POJK”) Nr. 12/POJK.03/2020 of 2020 concerning Consolidation of Commercial Banks (Konsolidasi Bank Umum) (“POJK Nr. 12/2020”) on 17 March 2020.
This POJK Nr. 12/2020 revokes the previous Bank Indonesia Regulation Nr. 7/15/PBI/2005 of 2005 as amended by Bank Indonesia Regulation Nr. 9/16/PBI/2007 of 2007 concerning Amount of Minimum Core Capital of Commercial Banks. The highlights of this POJK Nr. 12/2020 are:
By : Wemmy Muharamsyah, Agung Santoso, Suherlin
18-Jun-2020
Indonesian Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has recently issued Financial Services Authority Regulation (Peraturan OJK - “POJK”) Nr. 18/POJK.03/2020 of 2020 concerning Written Orders for the Mitigation of Bank Problems (“POJK Nr. 18/2020”) on 21 April 2020.
In a nutshell, this POJK Nr. 18/2020 regulates these followings: (i) the conditions of banks that will receive written orders for the mitigation of bank problems (“Written Order”); (ii) the follow-up actions for banks that received such Written Order; and (iii) other requirements or ...
By : M. Arie Armand, Hana Monica, Cindy Rachel Jessica
05-Dec-2019
Government of Republic Indonesia has recently enacted Government Regulation No. 71 of 2019 concerning Implementation of Electronics Systems and Transactions (“GR 71/2019”).
GR 71/2019 revoked Government Regulation No. 82/2012 (“GR 82/2012”) on 4 October 2019, which has come into effect as of 10 October 2019.
The issuance of GR 71/2019 presents substantial changes that may affect current practice, among others, (i) new distinction between public-scope and private-scope electronic system operators (“ESO”); (ii) provisions on data storage location; (iii)&...
By : AYMP
07-Nov-2019
President Joko Widodo has recently enacted Presidential Regulation Number 63 Year 2019 on the Use of Bahasa Indonesia (“PR 63/2019”) which comes into effect on 30 September 2019 that is more than 10 years after Law Number 24 Year 2009 on National Flag, Language, Coat of Arms and National Anthem (“Law 24/2009”) was promulgated which in Article 40 of Law No. 24/2009 mandate the issuance of the presidential regulation. Below are several key provisions from PR 63/2019:
I. MoU or Agreement
<...By : AYMP
02-Jun-2016
On 21 March 2016, the Minister of Agrarian Affairs and Spatial Layout / Head of National Land Agency (“Minister of Agrarian”) has enacted a new Minister of Agrarian Regulation No. 13 Year 2016 regarding Procedures for Granting, Relinquishing and Transferring Ownership of Residential Property for Foreign Citizens Domiciled in Indonesia (“Minister Regulation No. 13/2016”) as a further implementation of Government Regulation No. 103 Year 2015 regarding Ownership of Residential Property of Foreign Citizens Domiciled in Indonesia (“Government Regulation No. 103/2015”), which regulates on the further guidelines ...
By : AYMP
01-Jun-2016
The Financial Service Authority (Otoritas Jasa Keuangan – “OJK”) has recently enacted Regulation No. 7/POJK.03/2016 concerning Prudential Principles in Implementing Structured Product Activities for Conventional Banks (“POJK 7/2016”). This POJK 7/2016 has come into effect on 27 January 2016 and revokes the previous regulation i.e. Bank Indonesia Regulation No. 11/26/PBI/2009 concerning Prudential Principles in Implementing Structured Product Activities for Conventional Banks. In comparison between POJK 7/2016 and the previous regulation, there are no material changes made under POJK 7/2016, save for the reporting obligation ...
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