Singapore Businesses Cite Legal Uncertainty in Indonesia
The Indonesian Ambassador to Singapore, Mohamad S. Hidayat, has said that Singaporean business people still complain about legal uncertainty in Indonesia, particularly on Batam.
Therefore, many of them still wait for the right time to investing in Batam Island in particular and the Riau Archipelago in general.
To provide greater understanding on the latest conditions in Indonesia, and Batam in particular, Hidayat held a meeting at the Indonesian Embassy in Singapore.
Attending were business persons from the Chambers of Commerce of Riau and West Java as well as members of the Singapore Manufacturers' Federation, the Singapore-Malay Chamber of Commerce and the Indonesian Business Center (IBC).
Hidayat explained about the simplification of customs regulations in three locations, Batam, Bintan and the Karimun Islands, referring to the Indonesian finance minister's regulation No.60/PMK.04/2005, dated July 21, 2005.
He also said that the government had issued finance minister's regulation No.61/PMK.04/2005 exempting import duty, VAT, VAT on Luxurious Goods and Income Tax.
This has been in force since January 1, 2004, for projects related to economic cooperation between Indonesia and Singapore.
Singapore businesses said that the most important consideration as regards investment was legal certainty.
Therefore, many of them still wait for the right time to investing in Batam Island in particular and the Riau Archipelago in general.
To provide greater understanding on the latest conditions in Indonesia, and Batam in particular, Hidayat held a meeting at the Indonesian Embassy in Singapore.
Attending were business persons from the Chambers of Commerce of Riau and West Java as well as members of the Singapore Manufacturers' Federation, the Singapore-Malay Chamber of Commerce and the Indonesian Business Center (IBC).
Hidayat explained about the simplification of customs regulations in three locations, Batam, Bintan and the Karimun Islands, referring to the Indonesian finance minister's regulation No.60/PMK.04/2005, dated July 21, 2005.
He also said that the government had issued finance minister's regulation No.61/PMK.04/2005 exempting import duty, VAT, VAT on Luxurious Goods and Income Tax.
This has been in force since January 1, 2004, for projects related to economic cooperation between Indonesia and Singapore.
Singapore businesses said that the most important consideration as regards investment was legal certainty.
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