(This article has been published on Privacy Laws & Business International Report Issue No. 139, www.privacylaws.com)
Advances in modern technology with the capacity to collect, analyse and distribute information from individuals have brought about both convenience and efficiency in many sectors. However, these major developments have significantly impacted the privacy of personal information, which gave rise to issues regarding the necessity of providing legal protection for the right to be made aware of what constitutes personal data, as well as the right to be let alone. As new technologies are developed, such as advances in medical research, healthcare, telecommunication, transportation and financial transactions, the need for such legal protection becomes more apparent as they dramatically increase the flow of personal information.
Continue reading Developments Seen in Indonesia’s Privacy Law
Financial Services Authority Regulation No. 14/POJK.05/2015 regarding Self-Retention and Domestic Reinsurance Support (“OJK Regulation”) was issued to establish a more comprehensive framework concerning self-retention and reinsurance support of insurance companies, which will replace on 1 January 2016 the previous legal framework concerning this matter under Head of Capital Market and Financial Services Supervisory Agency Regulation No. 11/BL/2012 regarding Reinsurance Support, Self-Retention Limit, and Format and Structure of Reinsurance Program Reports (“Bapepam-LK Regulation”).
Continue reading Self-Retention and Reinsurance Support of Insurance Companies
After many complaints from foreign investors due to its overly stringent rules, Minister of Manpower Regulation No. 16 of 2015 regarding Procedures for Employing Foreign Workers (“Regulation”) was recently revised through the recent issuance of Minister of Manpower Regulation No. 35 of 2015 (“Amendment”) on 23 October 2015.
Continue reading Foreign Worker Employment Policy Falls to Criticisms
After revamping Indonesia’s general import rules and deleting the Special Importer Identification Number (Nomor Pengenal Importir Khusus – “NPIK”) requirement for all imports, the Minister of Trade continues efforts to further simplify import procedures. Most recently, changes were made to the provisions on importing certain products through the issuance of Minister of Trade Regulation No. 87/M-DAG/PER/10/2015 on Import Provisions for Specific Products (“2015 Regulation”).
Continue reading Changes to Provisions on Importing Certain Products
In implementing the economic policies package issued early last month, a number of actions have been taken by government institutions; of particular interest are those made by the Minister of Trade (“MOT”) and Indonesia Investment Coordinating Board (Badan Koordinasi Penanaman Modal – “BKPM”).
Continue reading Indonesia to Reform Investment and Import Procedure
Seeking to attract the interest of foreign citizens to invest and travel in Indonesia, helping the country’s foreign reserve in the process, Financial Services Authority Circular Letter No. S-246/S.01/2015 regarding Foreign Citizens Opening Bank Accounts in Foreign Currencies (“OJK Circular”) has been issued to all commercial banks on September 15, 2015, to ease requirements for foreign citizens in opening a domestic bank account.
Continue reading How to Open a Bank Account in Indonesia for Foreign Citizens
As follow-up to Presidential Regulation No. 61 of 2015 regarding the Accumulation and Usage of the Palm Oil Plantation Fund (“Presidential Regulation”), the government has established the Palm Oil Plantation Management Agency (“Agency”) on 11 June 2015 through the issuance of Minister of Finance Regulation No. 113/PMK.01/2015 regarding Organization and Framework of the Palm Oil Plantation Management Agency (“Agency Regulation”).
With the establishment of the Agency under the Minister of Finance in accordance with the Agency Regulation, the Agency is ready to implement the collection of levies and contributions from palm oil businesses and manage the Palm Oil Plantation Fund as mandated by the Presidential regulation.
In light of the establishment of the Agency, the government has furthered the implementation of the Palm Oil Plantation Fund with the issuance of Minister of Finance Regulation No. 133/PMK.05/2015 regarding Service Tariffs payable to the Public Service Agency for Palm Oil Plantation Fund Management at the Ministry of Finance (“Tariffs Regulation”) on 16 July 2015.
Continue reading Tariffs of the Indonesia Palm Oil Plantation Fund
Rooted into Indonesia’s income tax regulatory framework is the authority of the Minister of Finance (the “MOF”) to determine the debt-to-equity ratio (“DER”) for corporate taxpayers. Such is contained under Article 18 (1) of Law No. 7 of 1983 regarding Income Tax, as lastly amended by Law No. 36 of 2008 (the “Income Tax Law”).
Continue reading Debt-to-Equity Ratio, Foreign Loan Reporting Obligation
Minister of Finance Regulation No. 158/PMK.010/2015 regarding Criteria of Art Services and Entertainment that are Exempted from Value-Added Tax (“Regulation”) was recently issued to provide exemptions from value-added tax for artists and entertainers in providing their services.
Continue reading Value-Added Tax Exempted for Entertainment
After the rejuvenation of general import procedures, the government continues to focus on slashing away at import red tape. This time, it is the deletion of the Special Importer Identification Number (Nomor Pengenal Importir Khusus – “NPIK”) through the issuance of Minister of Trade Regulation No. 50/M-DAG/PER/7/2015 (“Regulation”) regarding the Revocation of Minister of Industry and Trade Decree No. 141/MPP/KEP/3/2002 regarding Special Importer Identification Number (NPIK) as Amended by Minister of Trade Regulation No. 07/M-DAG/PER/3/2008 (“NPIK Regulation”) on 9 July 2015.
Continue reading Special Importer Identification Number (NPIK) Deleted