As the new year unfolds, it's time to turn our attention to the ever-evolving landscape of personal income tax regulations. In this Newsletter edition, we delve into the latest amendments to the personal income tax laws, the Government Regulation No. 58 Year 2023 (“PP 58/2023”) concerning the Article 21 Income Tax Withholding Rates on income in connection with employment, services, or activities of...
The Directorate General of Taxation has issued new circular letters concerning the notification of the application of multilateral convention for double tax agreements (DTA).
The Indonesian Minister of Finance recently launched regulation No. 61 Year 2023 (“MoFR 61/2023”) concerning the procedures on tax collection. The regulation was issued on 9 June 2023 with enactment on 12 June 2023.
The Indonesian Minister of Finance recently launched regulation No. 72 Year 2023 (“MoFR 72/2023”) concerning depreciation of tangible assets and amortization of intangible assets. The regulation was issued on 13 July 2023 with enactment on 17 July 2023.
The Ministry of Finance has issued a new regulation No. 48 Year 2023 concerning the income tax and VAT on the sales of gold and/or jewelry (“PMK-48”). PMK-48 has effectively applied on 1 May 2023. PMK-48 stipulates the latest tax treatment on the delivery/sale of gold jewelry, gold bars, jewelry not entirely made of gold, gemstones and/or other similar stones, as well as the related services, conducted...
The long-awaited tax implementation rule on benefits-in-kinds (BIKs) is finally released through the issuance of the Minister of Finance Regulation No. 66 Year 2023 (“MoFR 66/2023”) concerning the income tax treatment on remunerations in the form of BIKs for employment or services. The regulation was issued on 27 June 2023 with enactment on 1 July 2023.
Pursuant to the issuance of Government Regulation No. 44 Year 2022, the Ministry of Finance has issued a new regulation No. 41 Year 2023 concerning the VAT on Submission of Collateral Taken Over by Creditors to Collateral Purchasers (“PMK-41”). PMK-41 has effectively applied on 1 May 2023.
Indonesian Government issued Regulation Number 12 Year 2023 (GR-12) on 6 March 2023 which addresses the issuance of business licenses, ease of doing business, and various investment facilities and incentives within Nusantara Capital City (Ibu Kota Nusantara – “IKN”) and certain regions of Kalimantan as part of the economic superhub (“Partner Regions”).
The Government issued Regulation Number 50 Year 2022 (GR-50) on 12 December 2022 as implementation guidelines for the Indonesian Tax Law amended by the Law on Harmonization of Tax Regulations in 2021 (Refer to Tax Newsletter October 2021 / No. 07). One of the topics covered in GR-50 are the rules for tax audit.
The Government issued Regulation Number 55 Year 2022 (GR-55) on 20 December 2022 as implementation guidelines for the Income Tax Law (ITL) amended by the Law on Harmonization of Tax Regulations in 2021 (Refer to Tax Newsletter October 2021 / No. 07). One of the topics covered in GR-55 are the rules for benefits-in-kind (BIK)’s fiscal treatment.
As stipulated in Law Number 7 Year 2021 regarding Harmonization of Tax Regulations or Undang-Undang Harmonisasi Peraturan Perpajakan (“UU HPP”), the 16-digit ID or Nomor Induk Kependudukan (“NIK”) will apply as Tax ID Number for individual taxpayers. Format of tax ID number will change also for corporate taxpayers. The implementation regulation of the new format of Tax ID Number was finalised by Ministry...
The Indonesian Minister of Finance recently launched regulation No. 56/PMK.010/2021 (“MoFR 56/2021”) concerning the use of tax book value for assets transfer in business merger, consolidation, spinoff, and acquisition, with enactment on 4 June 2021.
On July 1, 2021, the Ministry of Finances (“MoF”) issued Regulation No.82/PMK.03/2021 (PMK82/2021) about the extension of tax incentive related to the Covid-19 outbreak. This regulation revises several articles of the previous MoF Regulation No.9/PMK.03/2021.
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