Insights
Client Alert | June 2024 – 1st Issue
1. Upcoming Tax Reform in Indonesia The tax reform announced in May 2024 introduces significant changes to the Indonesian taxsystem. Two key updates include the integration of the National ID Number (National ID) asthe Taxpayer Identification Number (TIN) and the...
Accounting Standards and General Audit Requirements in Indonesia
The accounting standards in Indonesia is Indonesia Financial Accounting Standards (Pernyataan Standar Akuntansi Keuangan - PSAK) issued by Indonesia Financial Accounting Standard Board...
Important Tax Compliance Deadlines in Indonesia
Tax compliance in Indonesia can seem like an endless “nightmare” as it has multiple deadlines to watch over, and it is built on a self-assessment mechanism where payment always comes before reporting. Don’t worry, we have you covered! The routine Indonesian tax...
Document Checklist for Setting Up a PT PMA Company in Indonesia
Incorporating a Foreign-Owned Limited Liability (PT PMA) company in Indonesia may seem a daunting task as the procedures and paperwork involved are definitely not as straight-forward as some countries like Singapore. However in recent years, the Indonesia...
Indonesia is destined for booming – Nickel and EVs
Indonesians are used to near-anonymity on the world stage. John Riady, a scion of Indonesian business, once joked that his country was the planet’s biggest invisible object. But under the bonnets of new electric vehicles (EVs) and on apps used by hundreds of...
An Update on VAT Invoicing
On 31 March 2022, the DGT issued Regulation No. PER-03/PJ/2022 (“PER-03”) regarding the VAT Invoice arrangements which became effective on 1 April 2022. PER-03 mainly serves as a compilation of several previous regulations related to VAT Invoicing with several...
Updates on Taxation Related to Transaction with the Government
On 30 March 2022, the MoF released the following regulations: MoF Regulation No.58/PMK.03/2022 (“PMK-58”) on the appointment of an “Other Party as Tax Collector” and the tax compliance procedures for the procurement of goods and services to Government Institutions;...
Tax treatment of Fintech activities
On 30 March 2022, the MoF also issued Regulation No. 69/PMK.03/2022 (“PMK-69”) stipulating the Income Tax treatment of interest income in peer-to-peer (P2P) lending, as well as the VAT treatment of Financial Technology (“Fintech”) activities. Fintech is an activity...
Tax Treatment of Crypto Asset Trading
On 30 March 2022, the MoF issued Regulation No.68/PMK-03/2022 (“PMK-68”) that outlines the VAT and Income Tax treatment of Crypto Asset trading transactions. Crypto Asset (CA) is defined as an intangible commodity in the form of digital asset, using cryptography,...