Lindsey, Tim; Butt, Simon --- "Indonesian financial laws: banking, insolvency and taxation" [2020] ELECD 224; in Arner, W. Douglas; Wan, Yee Wai; Godwin, Andrew; Shen, Wei; Gibson, Evan (eds), "Research Handbook on Asian Financial Law" (Edward Elgar Publishing, 2020) 336

Book Title: Research Handbook on Asian Financial Law

Editor(s): Arner, W. Douglas; Wan, Yee Wai; Godwin, Andrew; Shen, Wei; Gibson, Evan

Publisher: Edward Elgar Publishing

Section: Chapter 18

Section Title: Indonesian financial laws: banking, insolvency and taxation

Author(s): Lindsey, Tim; Butt, Simon

Number of pages: 32

Abstract/Description:

This chapter offers an overview of the three key areas of law relevant to the financial aspects of doing business in Indonesia: banking; insolvency; and taxation. Indonesian financial law, while far more sophisticated today than it was under the authoritarian rule of President Soeharto (1966–98), remains problematic in many respects. In particular, dysfunctional patterns in the development and application of new laws, and the distorting effect of intervention in policy formation and the market generally by powerful oligarchic business groups, has seen corruption remain a major obstacle to the fair and transparent implementation of laws. As a result, many aspects of the detailed new regulatory schemes described in this chapter remain aspirational in the sense that they are only partly or inconsistently enforced. This is particularly true of insolvency and taxation.