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Wed, 21 Jan 2009
Lotte Group to invest Rp 9 trillion in Indonesia
Lotte Group, a South Korean retail giant, will invest Rp 9 trillion (around US$870 million) in the next four years, aiming to become the leader in the country’s lucrative retail market.Through a subsidiary PT Lotte Shopping Indonesia - which took over hypermarket chain PT Makro Indonesia last...
Wed, 21 Jan 2009
ASEAN to ink FTA with OZ, and NZ soon, to boost trade
The Association of Southeast Asian Nations (ASEAN) will ink a free trade deal with Australia and New Zealand next monthThe deal will allow a freer flow of goods between the ASEAN region and both countries, with a combined market of more than 600 million people.
Wed, 21 Jan 2009
Government Expected to Open Up Coastal Areas to Industries
Implementing regulations for a 2007 law opening more coastal areas across Indonesia to maritime industries, like pearl farming and seaweed cultivation, are expected to be issued during the first half of the year, a senior maritime affairs and fisheries official said on Tuesday.
Wed, 21 Jan 2009
Survey shows small businesses are optimistic
The Jakarta Post , Jakarta According to a survey by HSBC, the small and medium-sized businesses (UKM) in Indonesia are quite optimistic about the current economic situation in Indonesia this year.Up to 13 percent of UKM is planning to increase their workforce, some by more than 20 percentOn the...
Wed, 21 Jan 2009
PKS calls on govt to curtail sale of alcoholic drinks in FTZ
Tanjungpinang, (ANTARA News) - The Prosperous Justice Party (PKS) called on the government of Riau islands province to curtail the sale of alcoholic drinks in the free trade zones (FTZ) of Batam, Bintan and Karimun.
Tue, 20 Jan 2009
PINTAR - Supporting Indonesia's Move to Get Smart on Tax Reforms
* World Bank Approves $110 Million New Financing to Help Boost Tax Revenues * Project for Indonesian Tax Administration Reform (PINTAR)The World Bank is set to support Indonesia in its ongoing effort to improve its tax administration system through the Project for Indonesian Tax Administration...
Tue, 20 Jan 2009
Condos Canceled As Demand Dries Up
Indonesia is facing a gloomy outlook in its condominium business as some property companies defer their apartment projects and return their customers’ money as demand slows, a property analyst said on Monday.
Tue, 20 Jan 2009
EU Palm Oil Demand Hit
The European Union’s increasing demand for crude palm oil, or CPO, is evidence of its inconsistent stance on climate change, an environmentalist said on Monday.“[The developed world] has criticized Indonesia for destroying its forests, but its increasing demand for Indonesian CPO sends a...
Tue, 20 Jan 2009
Bakery association says adoption of VAT may kill businesses
The Indonesian Bakery Association (APEBI) demanded Friday the government scrap 10 percent value-added tax (VAT) on imported wheat to help revive the country's bakery and pastry businesses as global economic slump undermined people's purchasing power.
Tue, 20 Jan 2009
SBY kicks off Batam free trade zone
President Susilo Bambang Yudhoyono has officially launched the much-delayed free trade zone for Batam, Bintan and Karimun in Riau Islands.The launching, ending five years of legal uncertainty for businesses, was marked Monday with the issue of government regulations on customs, tax and duties for...
Tue, 20 Jan 2009
Indonesia to Host World Islamic Economic Forum
TEMPO Interactive, Jakarta:Indonesia will host the fifth World Islamic Economic Forum (WIEF) in March 2 - 3, 2009. The forum will be held at the Ritz-Carlton Pacific Place Hotel in Jakarta.The two-day conference will be attended by world leaders and multinational company CEOs.
Tue, 20 Jan 2009
Indonesia delays forest-carbon rules
SINGAPORE (Reuters) - Indonesia has delayed releasing complete regulations on using carbon credits to protect rainforests, preferring to fine-tune rules that could earn the country billions of dollars and curb the pace of climate change.
Tue, 20 Jan 2009
World Bank gives loan to RI to improve tax systems
The Jakarta Post, JakartaThe World Bank, one of the country's major donors, has approved a US$110 million loan to the Indonesian government to help it improve taxation systems.The soft loan was approved and announced from Washington last week, a media statement said.
Mon, 19 Jan 2009
President Declares War on Mark-Ups
TEMPO Interactive, Jakarta:President Susilo Bambang Yudhoyono stated that the culture of marking up the cost of goods and service procurement is the source of corruption and collusion that we must fight against.
Sat, 17 Jan 2009
Indonesia Sets Ambitious $5bn Investment Target Ahead of Islamic Economic Forum
Indonesia may sign business investment deals worth up to $5 billion during the 5th annual World Islamic Economic Forum scheduled on March 2 and 3 in Jakarta.Tanri Abeng, WIEF co-chairman, said on Friday that the event could produce a host of joint-venture and shareholder agreements between Arab...
Sat, 17 Jan 2009
The new mining law and the environment
With the enactment of the new Mining Law, we may now face the dilemma of Ulysses when he navigated his ship: To sail toward the Scylla cliff to avoid the Charybdis whirlpool.The new Mining Law seems to have better and clearer rules on the permitting of mines and on the financial responsibilities of...
Sat, 17 Jan 2009
Malaysian tourists to Bali in 2008 reach over 113,000
Denpasar (ANTARA News) - The number of Malaysian tourists visiting the Indonesian tourist resort island of Bali in the January - November 2008 period was recorded at 113,409, a statistics agency official said."The number of tourists coming from the neighboring country increased by 20,546 or 22.
Fri, 16 Jan 2009
Govt to take over workers tax liabilities to help firms
As the global economic crisis deepens, the government plans to take over tax liabilities normally paid by companies, to help maintain jobs.Acting Coordinating Minister for the Economy Sri Mulyani Indrawati said Thursday there was a plan to waive workers’ income tax liabilities which were...
Fri, 16 Jan 2009
Contractors Complain Regional Taxation Is Penalizing Industry During Lean Times
Originally Posted By: biznewsContractors Complain Regional Taxation Is Penalizing Industry During Lean Times“Of course all regulations issued by local governments are legal, but are they appropriate?” Freddy said.
Fri, 16 Jan 2009
Furniture Makers Struggling To Access Financing
Small and medium-sized furniture and handicraft businesses are calling on the government to help increase their access to cheap credit and guarantee them a supply of timber, which has fluctuated over the past few years.
Fri, 16 Jan 2009
Contractors Complain Regional Taxation Is Penalizing Industry During Lean Times
PT Swa Kelola Sukses, a Jakarta-based earthworks and heavy equipment rental company operating in Central Kalimantan Province, is one of hundreds of coal mining contractors that have been badly affected by the taxes imposed by local governments, especially those relating to heavy equipment.
Fri, 16 Jan 2009
Sanyo upbeat on Indonesia's market
Indonesian subsidiaries of Japan's leading electronics maker Sanyo Electric Co. Ltd. remains upbeat about local demand despite forecast lower growth.Sanyo, which is about to be purchased by rival Panasonic Corp., for US$10.
Thu, 15 Jan 2009
Foreigners’ Real Estate Rules Should Ease: REI
The Indonesian Real Estate Developers Association, or REI, is calling on the government to relax rules on property ownership for foreigners by extending them the right to purchase leaseholds titles to apartments and houses for a minimum of 75 years, or even allow them to purchase property outright.
Thu, 15 Jan 2009
Government Presses Oil Contractors To Use Local Service Firms
The government is urging oil and gas contractors to utilize the services of Indonesian firms in their 2009 projects, as part of efforts to support domestic economic growth amid the global economic crisis, said the State Ministry for State Enterprises.
Wed, 14 Jan 2009
Businessmen Call For a Tax Reduction on Liquor
now that fiskal is gone for tax number holders, i foresee many more foreigners making a weekly trip to singapore ...
Wed, 14 Jan 2009
Businessmen Call For a Tax Reduction on Liquor
I can give you a very long list of people! To days Tip ... buy in the duty free shop and don't worry about luxury goods tax
Wed, 14 Jan 2009
Businessmen Call For a Tax Reduction on Liquor
oh, but you are wrong! you *can* get alcohol into the country! the problem is that consumers are not willing to pay the price. and at 300% -- actually, i thought it was 350% -- who would want to pay?
Wed, 14 Jan 2009
Businessmen Call For a Tax Reduction on Liquor
Where do articles like this come from? You can't even get alcohol in to the country at the moment so what does it matter what the tax on it is!
Wed, 14 Jan 2009
Businessmen Call For a Tax Reduction on Liquor
TEMPO Interactive, Jakarta:Hotel and restaurant businessmen have called on the government to immediately reduce the luxury goods tax on liquor. “The current tax, which is 300 percent, is too high, so liquor is very costly,” said Indonesian Hotel and Restaurant executive-director, Carla...
Wed, 14 Jan 2009
Palm Oil Investment Still Lucrative
TEMPO Interactive, Jakarta:Crude palm oil production this year is predicted to rise to 20,2 million tons compared to 18,8 million tons in 2008. However, according to Indonesian Crude Palm Oil Businessmen Association chairman, Derom Bangun, this year’s increase in production was a result of trees...
Wed, 14 Jan 2009
Bali Suggested to be a Special Economy Zone
TEMPO Interactive, Denpasar: The Bali Provincial Government has been asked to immediately suggest it be granted the status of a special economy zone.“The status will make development in Bali easier, especially in attracting investment,” said Dradjad Wibowo, member of commission XI at the House...
Wed, 14 Jan 2009
Investment growth to hit double-digits
Aditya Suharmoko, The Jakarta Post, Jakarta Despite the global economic downturn, the estimated realized direct investment in Indonesia may still reach double-digits this year spurred by incentives and the stimulus packages designed by the government, the Investment Coordinating Board (BKPM) says.
Wed, 14 Jan 2009
Import rules to hurt expatriates, rich locals
The Jakarta Post, Jakarta Business groupings voiced Monday their opposition to the newly issued import regulations by the Trade Ministry that have made imports of goods consumed by expatriates and rich Indonesians more difficult.
Wed, 14 Jan 2009
Downturn Finally Hits Consumer Confidence
Bank Indonesia’s Consumer Confidence Index fell in December after rising for five consecutive months, indicating that Indonesians are finally waking up to a less-than-rosy picture of the economy.“Based on a survey conducted in December 2008, the Consumer Confidence Index remained in pessimistic...
Tue, 13 Jan 2009
Devil Is in the Details of New Mining Law, Industry Says
The new mining bill approved by the House of Representatives, or DPR, on Dec. 16, has drawn strong reactions from industry players, who argue that the new bill, which substitutes the old contract of work system with a new permits scheme, could scare off investments in the sector.
Tue, 13 Jan 2009
Mining Rights Holders Must ‘Use it, Lose it or Share’
The government will give holders of existing mining rights, or KPs, three options to bring their mining areas into line with the restrictions imposed by the recently enacted mining law, so as to help them avoid forfeiting their concessions if they are incapable of fully developing them.
Tue, 13 Jan 2009
Imported Food Bottleneck Expected to Get Tighter
The country’s hotels and restaurants are now chronically short of imported foods and beverages, with hospitality sector associations blaming a Trade Ministry regulation implemented in November that requires strict import-inspection labeling, or ML, on foreign food products.
Mon, 12 Jan 2009
Diplomats To Keep a Closer Eye On Trade Protections
Indonesia will ramp-up its diplomacy efforts to counter the possibility of increasing global trade protectionism policies, the Trade Ministry said on Friday.“Trade attaches have been requested to report to us what governments are doing in response to the financial crisis,” said Trade Minister...
Mon, 12 Jan 2009
Air Asia opens new RI-overseas routes
Yuli Tri Suwarni, The Jakarta Post, BandungThe Indonesian subsidiary of Malaysia's budget carrier Air Asia is planning to open at least 10 international routes in Indonesia this year to help reach its target of carrying 3.5 million passengers from Southeast Asia's largest economy.
Sun, 11 Jan 2009
Exporters’ Letters of Credit Soon Mandatory
Raw commodity exporters will soon be required to use letters of credit for their export transactions, which the government says will allow it to better monitor export payments in order to boost the country’s foreign exchange reserves.
Sun, 11 Jan 2009
Tax-Free Zone Regulation to be Issued
TEMPO Interactive, Jakarta:The government will soon issue a regulation annulling the amendment of Government Regulation no. 63/2003 on Value Added Tax Application and Luxury Goods Sales Tax in free trade zones of Batam, Bintan, and Karimun.
Sat, 10 Jan 2009
New policy to protect exporters, but may spook buyers
While a new export regulation will help cover local firms from risk of payment default, several business associations say it may spook potential overseas buyers of the country’s key commodities.Trade Minister Mari Elka Pangestu said Friday a new ministerial decree, issued Monday, would require...
Fri, 09 Jan 2009
Govt to implement new mining law within 6 months
The government plans to speed up the drafting of implementing regulations of the new mining law and to simplify its content.The director for mineral, coal and geothermal resources at the Energy and Mineral Resources Ministry, Bambang Setiawan, said in Jakarta on Friday the implementing regulations...
Fri, 09 Jan 2009
WIKA signs contract to build Rp 225 billion dam in Batam
The Jakarta Post, Jakarta State construction firm PT Wijaya Karya (WIKA) has signed a contract to build a large dam in Batam worth Rp 225 billion (around US$21 million)."We signed the contract Wednesday," finance director of the publicly listed company, Ganda Kusuma, said at the office of...
Fri, 09 Jan 2009
Government to Repossess Poorly Used Mining Concessions
Under regulations expected to be attached to the recently passed mining law, holders of mining rights, or KPs, including state-owned companies, may lose some of their concessions if they fail to properly develop the sites, a senior government official said on Wednesday.
Fri, 09 Jan 2009
Electronics Retailers Signal 20% Price Hike
Retail prices of consumer goods such as televisions and home appliances could rise by as much as 20 percent this year, as manufacturers squeezed by the weak rupiah pass higher production costs on to retailers, said the head of an organization representing the retail electronics sector.
Fri, 09 Jan 2009
Bakrie Bounce Back
A well-connected conglomerate avoids collapse - but exactly how is unclearBakrie pulls it offGIVEN its size and political connections, the recent turmoil surrounding Indonesia’s Bakrie group has provided a test case for whether the country can escape its crony-capitalist past and become a safer...
Thu, 08 Jan 2009
Govt delays bringing in coal DMO
Alfian, The Jakarta Post, Jakarta A requirement for coal producers to sell a certain part of their production to the local market, known as the domestic market obligation (DMO), could not be implemented this year as planned because of the need for a stronger legal basis.
Thu, 08 Jan 2009
Businesses slam govt's high export growth claim
Mustaqim Adamrah and Desy Nurhayati, The Jakarta Post, JakartaBusinesses strongly criticized the government's upbeat forecast of 8 percent growth in non oil and gas exports for 2009 as "unrealistic", arguing that exports of non oil and gas commodities will instead drop steeply.
Thu, 08 Jan 2009
Bandung Revitalizes Creative Zones
Speaking of Bandung's creative zones, Jakchat Buaya Budaya (the local version of Culture Vulture, you understand) may enjoy the Bandung Now modern art exhibition on at the national gallery (opposite Gambir). Began last night, on till the 17th Jan.