Bank Indonesia has issued Regulation No. 15/15/PBI/2013 on Rupiah and Foreign Currency Statutory Reserve Requirements for Conventional Commercial Banks ("PBI 15/2013") which sets out the statutory reserve requirements (Giro Wajib Minimum – “GWM") in Rupiah and foreign currencies that must be satisfied on a daily basis by commercial banks and the branch offices of foreign banks ...
Government Regulation No. 100 of 2013 (“Amendment”) was recently issued, to amendment Government Regulation No. 16 of 2009 on Income Tax on Bond Interest (“2009 Regulation”). The Amendment has been in force since 31 December 2013 and is relevant to banks (Indonesian and foreign bank branch offices) and all mutual fund companies investing in bonds ...
read moreNew Procedures for Employing Foreign Workers
The Minister of Manpower and Transmigration (“Minister”) has issued Regulation No. 12 of 2013 on Procedures for Recruiting Foreign Workers (“2013 Regulation”) which shall be effective as of 30 December 2013. Under the 2013 Regulation, companies may only hire foreign workers that satisfy the following requirements: (i) Have educational qualifications suitable for the designated position; (ii) Possess relevant competence, supported by competency certificates or have at least five years work experience relevant to the position; (iii) Provide a written declaration of willingness to transfer their skills and knowledge to fellow Indonesian workers; and (iv) Able to communicate in Indonesian ...
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