Thursday, 24 July 2008

Application procedure for income tax facilities

An implementing regulation for Article 2(3) of Government Regulation No. 1 of 2007 (the “Regulation”) was issued by the Investment Coordinating Board (“BKPM”) on 7 November 2007. The regulation is Regulation No. 89/SK/2007 regarding Guidance and Procedure for the Application for Income Tax Facilities Available to Investment Companies in Certain Fields of Business and/or Regions (“BKPM Regulation”).
The availability of the income tax facilities referred to in this BKPM Regulation is limited only to companies engaging in the certain business fields and/or certain regions specified in Minister of Finance Regulation No. 16/PMK.03/2007.
The application for the tax facilities is to be made by submitting the completed standard application form provided by BKPM along with copies of all of the required documents as specified in the BKPM Regulation. Following its review of the application BKPM will either accept the application and make its recommendation to the Minister of Finance, or reject the application.
This BKPM Regulation has been in force as of the day of its issue.

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