BI REGULATION ON RUPIAH AND FOREIGN CURRENCY RESERVE REQUIREMENTS (20/12/2010)
Bank Indonesia issued, on 4 October 2010, Regulation No. 12/19/PBI/2010 regarding Rupiah and Foreign Currency Statutory Reserve Requirements (Giro Wajib Minimum or GWM\') for Commercial Banks (“Regulation”).
In the Regulation’s preamble, Bank Indonesia explains its rationale ...
NEW LAW ON ANTI MONEY LAUNDERING (20/12/2010)
The President has signed a new law on Money Laundering. The new law is Law No. 8/2010”, and it replaces Law no: 15/2002 on Money Laundering Criminal Act (as amended by Law no: 25/2003, or “Law No. 15/2002”).
Although the old Law No. 15/2002 has had positive impacts such as ...
REGULATION ON MEDICAL EQUIPMENT AND HOUSEHOLD MEDICAL SUPPLIES (20/12/2010)
The Minister of Health on 23 August 2010 issued Regulation No. 1189/MENKES/PER/VIII/2010 regarding Production of Medical Equipment and Household Medical Supplies (the “Regulation”). The Regulation was issued with a view to adjusting the previous regulation in light of technological ...
KPPU REGULATION ON MERGERS AND ACQUISITIONS (20/12/2010)
The Business Competition Supervisory Commission (“KPPU”) on 18 October 2010 issued the Implementing Guidelines for Mergers and Acquisitions that May Result in Monopolistic Practices and Unfair Competition in its Regulation No. 13 of 2010 (“Regulation”). The Regulation is the ...
MONITORING OF FOREIGN WORKERS FOR SAFETY AND PROTECTION PURPOSES (20/12/2010)
A regulation regarding monitoring of foreign workers for the purpose of their safety and protection was issued on 22 September 2010 by the Indonesian government. The regulation is Regulation of the Minister of Home Affairs No. 50 of 2010 regarding Guidelines for Monitoring Foreign Workers in the ...
ABNR's Partner and current Chairman of the International Law Commission Successfully Presented the Report of the Commission to the UN General Assembly (03/12/2010)
We are pleased to announce that our Partner and the current Chairman of the International Law Commission ('ILC') Mr. Nugroho Wisnumurti recently returned from New York after successfully presenting the report of the Commission on the ILS's 2010 session to the Legal Committee of the ...
NEW TRANSFER PRICING GUIDELINES (15/11/2010)
To ensure the smooth application of the principles of appropriateness and normal business practice to related-party transactions, the Indonesian Director General of Taxation recently issued regulation no. per-43/PJ/2010 dated September 6 2010.The following transactions fall into the category of ...
PERMISSION FOR PRODUCERS TO IMPORT FINISHED PRODUCTS (15/11/2010)
A regulation was issued by the Minister of Trade on 4 October 2010, allowing the importation of finished products by producers. The regulation, No. 39/M-DAG/PER/10/2010 ('Regulation'), basically allows producers that hold an Importer Identification Number (“API-P”) to import finished ...
PUBLIC COMPANIES MAY ISSUE SHARES WITH DIFFERENT NOMINAL VALUE (15/11/2010)
After allowing issuers and public companies to issue shares with nominal value during the last financial crisis in the late nineties, the Indonesian Capital Market and Financial Institutions Supervisory Agency (“Bapepam-LK”) finally issued its Regulation No. IX.D.6 regarding Issuance of ...
INDONESIAN TAX AUTHORITY CLARIFIES TAX REFUND PROCEDURE FOR NONRESIDENTS (15/11/2010)
The Indonesian Directorate General of Taxation (DGT) on August 9 issued Regulation PER-40/PJ/2010, clarifying the procedure for tax refund application by nonresident taxpayers with no permanent business in Indonesia.
The tax overpayment meant in this regulation is tax overpayment that has been ...
