Govt. Limits Importation of Tobacco
In a bid to increase the national competitiveness of the tobacco industry, as well as to reorganize the rules for the importation of tobacco, the Ministry of Trade has finally issued Regulation No. 84 of 2017 on Import Provisions for Tobacco.
Online Applications for Data Corrections for Limited Liability Companies, Foundations and Associations Made by Notaries
A new correction mechanism for any errors which are discovered relating to the data of limited liability companies, foundations and associations which possess legal status now been established through the issuance of Ministry of Law and Human Rights Regulation No. 17 of 2017 on Procedures for Applications for Legal-Entity Data Corrections for Limited Liability Companies, Foundations and Associations.
KYC Principles for Auction Houses Strengthened
• Auction houses are required to implement KYC principles through the identification and verification of customer profiles, as well as through the monitoring of customer transactions
Govt. Clarifies Procedures for the Blocking and Unblocking of Access to the Legal Entity Administration System (SABH) for Limited Liability Companies
In a bid to offer improved legal protection for shareholders and stakeholders in limited liability companies during times when said companies are involved in ongoing disputes, the Ministry of Law and Human Rights has redefined Ministry Regulation No. 24 of 2012 on Procedures for the Blocking and Unblocking of Access to the Legal Entity Administration System for Limited Liability Companies, through the issuance of an amendment, specifically Ministry Regulation No. 19 of 2017.
Updated Provisions for Futures Brokers’ Compliance Directors
By way of comparison, the now obsolete Regulation 67/2009 previously required candidates to have at least two years of experience in futures trading in order for them to be appointed as compliance directors. Moreover, Regulation 67/2009 did not prohibit compliance directors from acting as futures brokers’ representatives, as is now the case under Regulation 7/2017
Withholding Income-Tax Exemptions for Incomes Deriving from Social-Security Fund Assets
Withholding income-tax exemptions will only be available for investment returns and fund growth deriving from the assets of DJS for Health and DJS for Labor, but not from the direct assets of BPJS for Health and BPJS for Labor
Bappebti Regulates Implementation of Anti-Money-Laundering and Prevention-of-Terrorism-Financing Programs by Futures Brokers
In terms of the implementation of APU-PPT programs, futures brokers are required to identify, assess and understand the relevant risks regarding money-laundering and/or terrorism-financing as they apply to customers, countries or geographical areas, products, services, transactions or delivery channels
Govt. Reamends Implementing Regulation to Tax-Amnesty Law
The Ministry of Finance has issued Regulation No. 165/PMK.03/2017, which is the second amendment to Ministry Regulation No. 118/PMK.03/2016 (“Regulation 118/2016”) on the Implementation of Law No. 11 of 2016 on Tax Amnesty. Regulation 118/2016 has already been amended once previously through the issuance of Ministry Regulation No. 141/PMK.03/2016.
Guidelines for the Financing of Rural Markets Updated
As one of the measures which is aimed at the effective utilization of the Special Allocation Fund for the development of trade facilities in form of rural markets, the Ministry of Trade has issued Regulation No. 77 of 2017 on the Amendment to Ministry Regulation No. 37/M-DAG/PER/5/2017 on Guidelines for the Development and Management of Trade Facilities.
Govt. Regulates Technical Guidelines for Traffic and Road Transportation Safety
The government has issued Regulation No. 37 of 2017 on Traffic and Road Transportation Safety, which serves as an implementation of Article 205 and Article 207 of Law No. 22 of 2009 on Traffic and Road Transportation.