Govt. Issues New Provisions on PPh Treatments for Transfers of Participating Interest in Upstream Oil-and-Gas Business Activities

In a bid to provide greater legal certainty, create a conducive investment climate within the offshore oil-and-gas business sector and support the restructuring of any state-owned enterprises (Badan Usaha Milik Negara/BUMN) that support business activity within the offshore oil-and-gas sector,[1] the government has now issued Regulation No. 93 of 2021 on Income-Tax (Pajak Penghasilan – “PPh”) Treatments for Transfers of Participating Interest in Offshore Oil-and-Gas Business Activities (“Regulation 9/2021”).