The Indonesian reformation period promotes continuous new innovations led by its people, thus helping Indonesia’s economic stability. Indonesia is a country that has high economic potential, potential that is starting to be noticed by the international community due to the prosperity of natural resources contained in the motherland. Of course, rapid materialistic success is encouraging news for business actors, but for some people, this is just one edge of a double-edged sword. At the other edge of the blade is an obligation for business actors to pay taxes on their income.
Every company has the opportunity to conduct an initial public offering (IPO) and list its securities on the Indonesia Stock Exchange (IDX). In the context of an IPO, the company will issue a document called a prospectus, which is a document that contains any written information related to the public offering process that the company is carrying out with the aim to disclose everything about the company to the public before they decide to buy securities. The form and content of the prospectus in the context of a public offering have been regulated in the Financial Services Authority (OJK) regulations.
Indonesia will begin to tax coal-fired power stations in April 2022 using a tax mechanism based on emission limits, or cap and tax, to start the implementation that will eventually reach all sectors of the economy to reduce national greenhouse gas emissions. Indonesia’s carbon tax is a strong signal that will encourage the development of carbon markets/carbon emissions trading, technological innovation, and more efficient and eco-friendly investments in the country.
Law No. 11 of 2020 regarding Job Creation (Law 11 2020) was enacted a year ago and it revised many existing regulations and introduced plenty of new ones. One of the revised issues was regarding building permits. Previously you had to acquire a Building Permit or Izin Mendirikan Bangunan (IMB) to build. However, it has now been changed into Building Approval or Persetujuan Bangunan Gedung (PBG).
In most cases, the dispute clause in the commercial contract sets out the requirement for the contracting parties to resolve the dispute within a certain period before having the conflict settled by a court or arbitration. It is prudent to record the terms of the agreement in writing to obtain both certainty and finality. The concept of settling a dispute is straightforward, but the task of documenting a settlement can be complex. This article sets out a checklist to bear in mind when drafting a settlement agreement.
The government is currently discussing a presidential regulation that regulates the operations of the Land Banking Agency, which is regulated by GR 64/2021. This regulation is one of the technical regulations for the Land Banking Agency that the government formed last February through Government Regulation No. 64 of 2021 concerning the Land Banking Agency (“GR 64/2021”). The establishment of this institution is mandated by Law No. 11 of 2020 concerning Job Creation. GR 64/2021 was stipulated by President Joko Widodo…
The urgency of implementing land management is triggered by the continued increase in the world’s population, thus the land that is static in nature must be able to provide the basic needs of its inhabitants. Responding to the world population explosion, many European, American, African and Asian countries are implementing land banking as land management. Land banking as an alternative to land management currently being implemented in many countries is not a new thing.
On 17th June 2021, the Ministry of Energy and Mineral Resources enacted the Minister of Energy and Mineral Resources Regulation No. 12 of 2021 regarding Classification, Qualification and Certification of Electricity Support Services (MR 12 2021) which revoked the Minister of Energy and Mineral Resources Regulation No. 38 of 2018 regarding Electricity Accreditation and Certification Procedures (MR 38 2018). This regulation revised many stipulations from the previous regulation, both minor and major, and we’ve compiled several noteworthy provisions.
Key things you should know before a commercial dispute
Commencing or facing litigation or arbitration (“legal recourse”) can be a very stressful, time-consuming and expensive process for all involved. This article discusses some key ways to prepare before taking legal recourse.
Do your due diligence
A key consideration when deciding to initiate legal recourse is whether your counterparty has assets against which to enforce a successful judgment. If there are no accessible assets,
On 15th September 2021, the Minister of Law and Human Rights, Yasonna H. Laoly, officially enacted Regulation of the Minister of Law and Human Rights No. 34 of 2021 regarding the Granting of Immigration Visas and Residence Permits in the Period of Handling the Spread of Corona Virus Disease 2019 and National Economic Recovery (“MR 34/2021”) which revokes the Regulation of the Minister of Law and Human Rights No. 27 of 2021 concerning Restrictions on Foreigners Entering Indonesian Territory during the Enforcement Period of Restrictions on Emergency Community Activities (“MR 27/2021”).