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Indonesia: New Rapid Licensing Available for Energy Companies

(Feb. 2, 2017) On January 30, 2017, Indonesia’s Investment Coordinating Board and the Ministry of Energy and Mineral Resources jointly initiated a rapid, one-stop process for licensing some energy businesses.  Temporary licenses for eight types of operations in the oil and gas sector and for one in the electricity procurement industry will be available.  Applicants […]

Laos: Proposed Amendment of Law on Promotion of Investment

(Nov. 28, 2016) On November 17, 2016, Laos’s Deputy Minister of Planning and Investment, Khamlien Pholsena, introduced a draft amendment to the 2009 Law on Investment Promotion to the National Assembly, the country’s legislature. (Somxay Sengdara, Law Amendment to Strengthen Investment Promotion, VIENTIANE TIMES (last updated Nov. 18, 2016); Law on Investment Promotion, No. 2/NA […]

Indonesia: Regulation on Shell Companies Issued

(Aug. 29, 2016) On August 19, 2016, Indonesia’s Ministry of Finance issued a regulation designed to support the tax amnesty program already adopted by the House of Representatives at the end of June under Law No. 11 on Tax Forgiveness. The amnesty program is aimed at encouraging the repatriation of Indonesian assets from abroad. (Ayomi […]

Kazakhstan: Zero VAT Rate Established for Some Goods

(Aug. 15, 2016) On July 29, 2016, Kazakhstan adopted Resolution No. 444, amending Resolution No. 1197 of September 14, 2012, and providing a list of goods for which the value-added tax rate is zero for transactions in special economic zones. The new Resolution was published in the country’s official gazette on August 4, becoming effective […]

Indonesia: Tax Amnesty Passed

(July 6, 2016) On June 28, 2016, Indonesia’s House of Representatives adopted a tax amnesty bill. The amnesty was described by Bambang Brodjonegoro, the Minister of Finance, as beneficial to the economy because it would increase asset repatriation, support the currency, help lower interest rates, and increase domestic investment. The government plans to issue three […]

Jordan: Investment Fund Law Enacted

(June 29, 2016) Jordan recently enacted the Jordanian Investment Fund Law, to establish a fund (the Fund) as a legal entity endowed with administrative and financial independence and authorized to own movable and immovable properties. (Law No. 16 of 2016, AL-JARIDAH AL-RASMIEH [OFFICIAL GAZETTE] No. 5399 (May 26, 2016) , art. 3(a) (in Arabic) (showing […]

Italy: Legislation on Debtor-Creditor Relationships

(June 21, 2016) On May 4, 2016, new legislation introducing provisions related to debtor-creditor relations, bankruptcy procedures, executive debt collection procedures, and procedures for the protection of investors in banking institutions that are under liquidation entered into effect in Italy. (Decree-Law No. 59 of May 3, 2016, Urgent Provisions Concerning Executive and Bankruptcy Procedures, as Well as […]

Indonesia: Capital Requirement for Starting a Business Reduced

(Apr. 8, 2016) On March 21, 2016, Indonesia’s President, Joko Widodo, signed into effect a regulation changing the requirement for starting a business in the country. The previous requirement that any new limited liability company have initial capital of at least RP50 million (about US$3,780), with at least 25% of that already in hand, has […]

European Union: The Netherlands in Charge of EU Presidency

(Jan. 29, 2016) On January 1, 2016, the Netherlands took over the rotating Presidency of the Council of the European Union and will be in charge of the Council agenda for the next six months. (The Netherlands and the EU Presidency, Netherlands EU Presidency 2016 website (last visited Jan. 29, 2016).)  The 2009 Lisbon EU […]

Indonesia: Economic Deregulation Planned

(Sept. 14, 2015) On September 9, 2015, Indonesia’s President Joko Widodo announced a major economic deregulation policy. According to the President, there are three areas that will be the focus of this policy: increasing the competitiveness of industry, speeding up infrastructure projects, and raising the amount invested in the property sector of the economy. Widodo […]