New rules governing the establishment and operation of Public-Private Partnerships ("PPP") have been put in place by the recently issued Presidential Regulation No. 38 of 2015, which focuses on collaboration between the governmental and private sectors for the procurement of essential infrastructure. The new regulation repeals the previous PPP regime established by Presidential Regulation No. 67 of 2005, as subsequently amended.
Please click here to refer to our Firm's update on this subject.
Indonesia's central bank, Bank Indonesia, recently issued a circular (the "Circular") to further explain the scope and ambit of its Regulation No. 17/3/PBI/2015 on the obligation to use rupiah in payment transactions conducted within the territory of Indonesia. While most of the contents of the circular (which came into effect on 1 June 2015) merely reiterate the provisions of the regulation, it does contain some additional useful information, including those pertaining to dual price quotations, strategic infrastructure projects and non-cash transactions by parties with special characteriscitcs.
Please click here to refer to our Firm's update on this subject. We previously issued a related Update when Bank Indonesia issued Regulation No. 17/3/PBI/2015 on 31 March 2015. Please click here to view the full update.
To help achieve the Government's 2015 tax revenue target of Rp 1,489.3 trillion (up Rp 342.5 trillion from actual tax receipts in 2014), the Ministry of Finance ("MOF") has announced a limited tax amnesty (commonly referred to in Indonesia as a "sunset policy"). To support the implementation of the limited amnesty, the MOF recently issued two new regulations that detail its scope, and the requirements and procedures for its application.
The key provisions of the two new regulations are discussed in more detail in our Update which can be accessed here.
In a recent decision, the Indonesia Competition Commission ("KPPU") found that a tying arrangement between one of the country's best known mortgage lenders and two insurance companies violated Indonesia's fair competition regime. The KPPU accordingly annulled the agreements and imposed fines totalling Rp 57 billion (US$ 4,397,983) on the three companies involved.
For further information, please refer to the Firm's update here.
