News andUpdates
News and Updates
November 4, 2014
New Obligation for Borrowers of Offshore Loans
On October 28, 2014, Bank Indonesia issued Regulation No. 16/20/PBI/2014 on Implementation of the Prudential Principle in the Management of Offshore Loans for Non-Bank Corporations (“Regulation”).…
October 27, 2014
Impact of the New Insurance Law on Insurance Supporting Businesses
As discussed in our recent newsflash, the new Law on Insurance (“New Insurance Law”) passed by the House of Representatives on September 23, 2014, will bring about major changes for the insurance…
October 17, 2014
New Comprehensive Umbrella Law for the Insurance Sector
One of the most anticipated draft laws circulating in recent years was finally passed by the House of Representatives (“House”) on September 23, 2014. The Bill on Insurance will replace the current…
October 15, 2014
BI Regulates Foreign Exchange Export Proceeds and Loans
Bank Indonesia (“BI”) has updated Bank Indonesia Regulation No. 14/25/PBI/2012 regarding Receipt of Foreign Exchange Export Proceeds and Withdrawal of Foreign Exchange External Loans with the…
October 13, 2014
Constitutional Court Decides Employee Wages Get Priority over Secured Creditors in Bankruptcy / Liquidation
Continuing the ongoing series of judicial reviews against the Labor Law,¹ the Constitutional Court rendered Decision No. 67/PUU-XI/2013 on September 11, 2014, with the result that payment of wages…
October 2, 2014
New Plantation Law – No Foreign Shareholding Limit, Yet
On the night of Monday, September 29, 2014, the House of Representatives and the Government approved a draft bill on plantations, which will revoke Law No. 18 of 2004 on Plantations when it is signed…
September 30, 2014
Entering the New Era of E-Money
In a globalized era, there is nothing more convenient than electronic payment when it comes to choosing among available payment options. A form of electronic payment currently gaining momentum is…
September 19, 2014
MOT and MEMR Regulate Coal Export
On July 15, 2014, the Minister of Trade (“MOT”) issued Regulation Number 39/M-DAG/PER/7/2014 on Provisions on Export of Coal and Coal Products (“MOT Regulation”), which comes into force on October 1,…
September 19, 2014
New Presidential Regulation on Utilization of Foreign Workers and Training for Indonesian Workers
For almost 20 years, Presidential Decree No. 75 of 1995 on Foreign Worker Utilization (“PD 75/1995”) governed the status and procedures for employing foreign workers in Indonesia. In July 2014,…
August 15, 2014
Raw Mineral Export Duty Dramatically Reduced to Incentivize Smelter Construction
On July 25, 2014, the Minister of Finance (MOF) dramatically reduced export duties on unrefined metal minerals for companies that are taking concrete action toward building smelting facilities. MOF…