The new regime adopts the following fundamental changes: 1) Shift in the basis for the issuance of business licensing documents to a commodity-balance approach; and 2) Adoption of a fictive positive licensing scheme for import and export approvals

The ability of foreign citizens to secure SHMSRS undoubtedly represents a breath of fresh air for both players in the property sector and foreign citizens who wish to own property or invest within the Indonesian property sector.

In contrast with other taxation-related areas, as discussed in the previous part of this two-part edition of ILD, the provisions which are discussed in this part will come into force as soon as the Bill is officially promulgated.

Given the different enforcement dates for various provisions set out under the Bill, businesses should prepare to adapt to the new framework so that they can both benefit from the new leniencies and ensure that they comply with the new regulations

Most of the discussion herein made no comparison with the framework of Regulation 23/2010, with the exception of the discussions on the IPR, which was previously a part of the scope of Regulation 23/2010, and on the transportation and sales license, which bears a certain degree of similarity to a license previously described under the framework of Regulation 23/2010, i.e. the IUP for production operations specifically for transportation and sales

Along with the new licensing scheme, Regulation 96/2021 also updates the requirements and procedures that relate to the securing of the licenses, as well as the various obligations that are binding on their holders and the applicable administrative sanctions.

Efforts to both codify the existing regulatory frameworks and accommodate updates in relation to civil procedural law are clearly apparent in the provisions of the Draft Bill which relate to the trial and post-trial stages, just as they are as regards the pre-trial stage.

Embodying the codification and updated objectives, the Draft bill is expected to establish a regulatory framework that is capable of providing a comprehensive reference and greater legal certainty as regards the settlement of business and investment-related disputes within Indonesia.

Most of the substance of the AAEC was previously addressed under Indonesian laws and regulations that were issued prior to the ratification of the AAEC itself, however, a number of aspects still need to be addressed further, such as the aspects of personal data protection and cybersecurity

The updates re-emphasize the importance of responsible and sustainable product innovations, as well as the ability of banks to adapt and transform their products and services in response to customer demand in increasingly competitive marketplace