Government Reduces Fees for Receivers and Administrators
As part of the government’s efforts to enhance the general ease of doing business within Indonesia, The Ministry of Law and Human Rights has issued Regulation No. 2 of 2017 on the Amendment to Ministry of Law and Human Rights Regulation No. 11 of 2016 on Guidelines for the Determination of Fees for Receivers and Administrators. This new regulation redefines fee amounts for any administrators and receivers who are responsible for the management of debtors’ assets during bankruptcies or during postponement-of-debt-payment trials.
License for the Distribution of Basic Commodities
The Ministry of Trade has issued Regulation No. 20/M-DAG/PER/3/2017 on the Registration of Distributors of Basic Commodities, which addresses procedures to be followed by distributors, sub-distributors and agents of basic commodities which are looking to secure access authority for SIPT and eventually, the TDPUD Bapok as a license to engage in the distribution of basic commodities.
Provisions on the Supervision of Food-and-Drugs Imports Redefined
The Head of the National Agency of Drug and Food Control (BPOM) has issued Regulation No. 4 of 2017 on the Supervision of Imports of Drugs and Food into Indonesia in order to expedite the customs-clearance and cargo-release processes when importing food and drugs under the Indonesian National Single Window framework. This regulation updates guidelines for said imports, which were previously regulated under Head of BPOM Regulation No. 12 of 2o15 on the Supervision of Imports of Drugs and Food into Indonesia (as amended by Head of BPOM Regulation No. 25 of 2016). In general, the new guidelines address the following areas: (1) Import requirements; (2) Procedures and costs for the securing of import approval; (3) Mandatory documentation; and (4) Re-importation.
OJK Amends Provisions on GMS for Publicly Traded Companies
In order to provide better protection for minority shareholders in publicly traded companies, the Financial Services Authority (OJK) recently issued Regulation No. 10/POJK.04/2017, which amends OJK Regulation No. 32/POJK.04/2014 on the Planning and Organization of General Meetings of Shareholders for Publicly Traded Companies by adding new provisions which address various topics which were not covered under the 2014 regulation, specifically: (1) General meetings of shareholders which address changes to share rights; and (2) The appointment and termination of public accountants who will be responsible for auditing the annual financial histories of publicly traded companies.
OJK Updates Guidelines for the Implementation of Anti-Money-Laundering and Prevention-of-Terrorism-Financing Programs Within the Financial-Service Sector
In a bid to combat money-laundering and terrorism-financing activities, the Financial Services Authority (OJK) has issued Regulation No. 12/POJK.01/2017 on the Implementation of Anti-Money-Laundering and Prevention-of-Terrorism-Financing Programs Within the Financial Sector. This new regulation codifies and strengthens provisions relating to this matter and applies to all financial services providers. Previously, these matters were regulated through four different regulations, specifically: (1) Bank Indonesia (BI) Regulation No. 12/20/PBI/2010; (2) BI Regulation No. 14/27/PBI/2012; (3) OJK Regulation No. 22/POJK.04/2014; and (4) OJK Regulation No. 39/POJK.05/2015.
Notary Fees for the Establishment of Limited-Liability Companies by UMKMs
As an integral part of last year’s 12th economic-policy package, the government is currently focusing its energies upon enhancing the “ease-of-doing-business” ranking for the country’s small and medium-sized companies. One of the new measures introduced involves reducing the various costs required for the establishment of micro-, small- and medium-scale enterprises (UMKM). These matters have been addressed through the issuance of Ministry of Law and Human Rights Regulation No. 3 of 2017 on Legal-Service Fees for Notaries for the Establishment of Limited-Liability Companies by Micro-, Small- and Medium-Scale Enterprises. This new regulation sets out a number of uniform fees which can be imposed by notaries for the provision of certain legal services relating to the establishment of limited-liability companies by UMKMs.
OJK Regulates Premiums and Benefits for Pension Funds
The Financial Services Authority has issued Regulation No. 5/POJK.05/2017 on Premiums, Benefits and Other Benefits Organized by Pension Funds in an attempt to improve the organization of pension funds within Indonesia. In general, this regulation sets out a number of provisions which relate to the premiums, pension benefits and other types of benefit which may be offered by pension funds which are either established and organized by employers or which are established and organized by banks and life-insurance companies.
Provisions on the Reconciliation, Depositing and Reporting of Geothermal Production Bonuses Further Regulated
The Ministry of Energy and Mineral Resources has issued Regulation No. 23 of 2017 on Procedures for the Reconciliation, Depositing and Reporting of Geothermal Production Bonuses, which is an implementing regulation to the provisions originally set out under Government Regulation No. 28 of 2016 and which relates to the following matters: 1) Annual geothermal steam and/or electrical-power production plans; 2) The imposition and calculation of geothermal production bonuses; 3) The reconciliation of production-bonus calculations; 4) The determination of production-bonus amounts and deposits; and 5) Mandatory reporting.
Foreign OTT Providers to Be Classified as Permanent Establishments
Endless efforts have been made by the Indonesian government to raise tax revenue from the profits which are generated by so-called over-the-top players. More recently, the Director General of Tax issued Circular Letter No. SE-04/PJ/2017 on the Determination of Permanent Establishments for Foreign Tax Subjects Which Are Providers of Applications and/or Content Services Through the Internet in a bid to classify Foreign OTT Providers as BUT which can be considered tax subjects under Indonesian taxation laws and regulations.
OJK Introduces Provisions on the Stipulation of Supervision Status and Follow-Up Measures for Commercial Banks
In a bid to improve the supervision of commercial banks and also as a follow up to Law No. 9 of 2016 on the Prevention and Control of Financial-System Crises, the Financial Services Authority has issued Regulation No. 15/POJK.03/2017. This new regulation sets out a new set of guidelines for the stipulation of supervision statuses and relevant follow up activities for commercial banks, which are now divided into systematically important banks and non-systematically important banks.