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DRAFT AMENDMENTS TO THE ITE LAW PASSED

The highly anticipated draft amendment to Law No. 11 of 2008 (“ITE Law”) which was anticipated in 2015, was finally passed by the House of Representatives of the Republic of Indonesia

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FOREIGN EXCHANGE TRANSACTION AGAINST RUPIAH

In early September, Bank Indonesia issued two Bank Indonesia Regulations regarding foreign exchange transactions against Rupiah: (i) Bank Indonesia Regulation No. 18/18/PBI/2016 on Foreign Exchange Transactions against Rupiah between Banks and Domestic Parties (“PBI 18/18”) and (ii) Bank Indonesia Regulation No. 18/19/PBI/2016 on Foreign Exchange Transactions against Rupiah between Banks and Foreign Parties (“PBI 18/19”). These two Bank Indonesia regulations replace certain Bank Indonesia regulations,

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FURTHER REGULATION ON FOREIGN OWNED PROPERTY

Following the issuance of Government Regulation No. 103 of 2015 on the Ownership of Houses or Housing by Foreigners Domiciled in Indonesia dated 22 December 2015 (“GR 103/2015”)

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MINIMUM WAGES IN DKI JAKARTA PROVINCE

To implement Government Regulation No. 78 of 2015 on Wages, the Governor of DKI Jakarta has just issued Governor’s Regulation No. 227 of 2016 on The Provincial Minimum Wage for 2017 (“Governor Regulation 227/2016”).

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DUTY ON THE ACQUISITION OF RIGHTS OVER LAND AND BUILDINGS FOR DKI JAKARTA PROVINCE

Following the issuance of Government Regulation No. 34 of 2016 on New Tariffs for Income Tax on Transfers of and Conditional Sale and Purchase Agreements for Land and/or Buildings,

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