The government has opened an account in which all revenues from upstream oil and gas activities are to be deposited. The account is a working account in the sense that any payments that need to be made by the government for upstream associated activities will also be made from this account. The account, Rekening Departemen Keuangan k/ Hasil Minyak Perjanjian Karya Production Sharing Nomor 600.000411 (Oil and Gas Bank Account), has been opened at Bank Indonesia (BI).
The technical details and provisions relating to the account are contained in Minister of Finance has issued Regulation No. 113/PMK.02/2009.
The account is denominated in United States Dollars (USD).
The revenue that is to be paid into the account includes revenue derived from the following:
-
Income Tax;
-
The government’s share of exploited Natural Resources (sales of crude oil and natural gas, among others), and;
-
Any other income in the sector such as bonuses and transfer materials.
The expenditures or payments that the government envisages making from this account include:
-
Certain taxes - land and building taxes / regional taxes;
-
Non-tax related expenditures - Domestic market obligation fee, upstream oil and gas activities fee, and;
-
Deposit to the State Treasury Account (Rekening Kas Umum Negara) - income tax, and non-tax revenue from oil and gas activities.
Furthermore, the regulation explicitly sets out that all revenue and payments are to be recorded in detail and listed in the State Treasury Financial Reports. This is intended to ensure transparency and accountability.
The regulation has been in force since 23 June 2009. However, the provisions are applicable retrospectively to 1 January 2009.
The government has opened an account in which all revenues from upstream oil and gas activities are to be deposited. The account is a working account in the sense that any payments that need to be made by the government for upstream associated activities will also be made from this account. The account, Rekening Departemen Keuangan k/ Hasil Minyak Perjanjian Karya Production Sharing Nomor 600.000411 (Oil and Gas Bank Account), has been opened at Bank Indonesia (BI).
The technical details and provisions relating to the account are contained in Minister of Finance has issued Regulation No. 113/PMK.02/2009.
The account is denominated in United States Dollars (USD).
The revenue that is to be paid into the account includes revenue derived from the following:
-
Income Tax;
-
The government’s share of exploited Natural Resources (sales of crude oil and natural gas, among others), and;
-
Any other income in the sector such as bonuses and transfer materials.
The expenditures or payments that the government envisages making from this account include:
-
Certain taxes - land and building taxes / regional taxes;
-
Non-tax related expenditures - Domestic market obligation fee, upstream oil and gas activities fee, and;
-
Deposit to the State Treasury Account (Rekening Kas Umum Negara) - income tax, and non-tax revenue from oil and gas activities.
Furthermore, the regulation explicitly sets out that all revenue and payments are to be recorded in detail and listed in the State Treasury Financial Reports. This is intended to ensure transparency and accountability.
The regulation has been in force since 23 June 2009. However, the provisions are applicable retrospectively to 1 January 2009.
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