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Indonesia to Raise the Cigarette Excise Tax by 12.5 Percent for 2021 Indonesia’s state government has announced its plans to raise the minimum price of cigarettes by 12.5 % in 2021, said a finance ministry spokesperson in an effort to reduce smoking rates. The Finance Minister clarified that the government had attempted to attain a…
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Stakeholders Work to Promote Digital Sharia Economy in Indonesia Through promoting the services in Indonesia, Islamic fintech and finance institutions announced their goal of improving the community’s awareness of the digital sharia economy. The potential of the society in the industry was considered. A BWI survey showed that Indonesians only reached up to 50.4 on…
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Government Promotes Indonesian Job Creation Law to Create Quality Employment and Attract Investors Indonesian President on November 2 has signed the Job Creation Bill, or referred to as the “omnibus law,” aiming to create quality employment and attract investors by reducing logistics costs. It was considered as a response to the economic impact caused by…
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Indonesia Outlines 2025 Plans of Investing Rp725 Trillion in SEZ to Benefit More Workers The Indonesian government has outlined 2025 plans of investing Rp725 trillion in Special Economic Zones (SEZ) to benefit more workers. Tax incentives would be simplified and expanded to develop more areas and secure over $50 billion in these zones. According to…
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UNTWO to Reopen Tourism in Bali, Indonesia Across Borders The World Tourism Organization (UNTWO) is ready to welcome international tourists in Bali, Indonesia, after the advanced collaboration with the Indonesian government and the Bali administration. According to the UNTWO Asia and Pacific director, the team had implemented high-grade health protocols devised to reopen tourism in…
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Indonesia to Build US$116M Vehicle Test Site to Help Indonesian Automakers Capture the SEA Market Aiming to make Indonesian automakers to be more compliant to the competitive standard of the South-East Asian (SEA) market, the Transportation Ministry projected investing 1.64 trillion rupiahs (US$116.5mil) in building a new vehicle test course. It was considered as an…
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Online Payment Platforms Help SMEs Go Digital With the rapidly increasing adoption of a cashless system, McKinsey’s management consulting firm said that online payment platforms would help small and medium enterprises (SMEs) go digital. In the 2020 McKinsey Global Payments Report, the cash usage across the world had declined by as much as 45 percent…
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Fintech Player Extends Loans to Help Retail Supply Chain AwanTunai, a financial technology (fintech) company in Indonesia, helps the retail supply chain survive the coronavirus pandemic as various sectors shift to digital. The company is lending to startups and micro, small and medium enterprises to finance their digital transformation. It has disbursed RP 407 billion…
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Indonesia Boosting Financial Literacy to Reduce Unbanked Population According to a study, Indonesia is battling with low financial literacy, which leads to a significant portion of its population being unbanked or not financially included. A survey conducted by the Financial Services Authority in 2019 revealed that the financial inclusion rate in Indonesia was only 76.1…
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Indonesia’s Omnibus Law Makes Changes to Labor-Related Sectors The government and the House of Representatives have already concluded the discussion over the Omnibus Law on Jobs Creation, which is seen to trigger changes to labor-related sectors. Thus, the Omnibus Law in Job Creation No. 11 of 2020 has been issued on 2 November 2020 by…
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