Business News
Bank Indonesia Prohibits Cryptocurrency as Payment Tool
Bank Indonesia Governor Perry Warjiyo announced in a virtual seminar that the central bank has banned Indonesian financial institutions from accommodating cryptocurrency as a means of payment or other financial services tools. The ban, according to Perry, is based on existing laws "[Cryptocurrency] is not legitimate payment instruments under the…
Ministry clarifies VAT imposition solely on premium basic necessities
The government will solely impose value-added tax (VAT) on premium basic necessities through amendment to Law No. 6 of 1983 on general provisions and taxation procedures (RUU KUP), according to the Finance Ministry. "Of course, not all basic necessities (will be subject to VAT). For instance, basic necessities sold at…
Startups in Indonesia have grown up, but how crucial a role does fintech play?
Startups in Indonesia, along with micro, small, and medium enterprises (MSMEs) form the backbone of the business landscape in Southeast Asia’s (SEA) largest economy, which has in recent years seen a shift towards a healthy and dynamic startup ecosystem. Indonesia’s economy is set to rebound this year, with positive forecasts…
Indonesia's Jokowi endorses two special economic zones in Batam
Indonesian President Joko Widodo has officially granted special economic zone (SEZ) status to a technological park and an aircraft maintenance facility in Batam to jump-start economic recovery there amid the Covid-19 pandemic.Nongsa Digital Park, on the island's upscale north-eastern tip, would focus on digital technology and tourism activities. Batam Aero…
