Latest news with #StefannoSulaiman
The Star
10 hours ago
- Business
- The Star
Indonesia working on new e-commerce tax rule in bid to target 'shadow economy'
A signage of Shopee, the e-commerce arm of Southeast Asia's Sea Ltd, is pictured at their office in Singapore, March 5, 2021. REUTERS/Edgar Su/File Photo JAKARTA (Reuters) -Indonesia is working on a new regulation that will require e-commerce platforms to collect and pass on sellers' sales income in a bid to tackle the "shadow economy", its tax office said on Thursday, confirming a Reuters report earlier this week. Citing sources, Reuters reported exclusively on Tuesday about a planned directive that e-commerce platforms must withhold and pass onto the authorities a levy amounting to 0.5% of sales income from small and medium-sized sellers. Sources said the rule could be introduced as early as next month, though a statement from the tax office did not give any schedule amid concerns from some platforms that they would need time to implement such a directive. "The rule is still in the works and will be announced and explained to the public after," the statement said, adding that e-commerce platforms and other stakeholders have been consulted and have so far given their backing. Indonesia's e-commerce association idEA said on Wednesday that it will comply with any government policy, but expressed concern overimplementation timelines, stressing that it needed to be handled carefully as it will impact millions of sellers. The changes would affect the country's main e-commerce operators, including ByteDance's TikTok Shop and Tokopedia Sea Limited's SE.N Shopee, Alibaba-backed Lazada, Blibli and Bukalapak one of the sources said. Sources also told Reuters there could be penalties for late reporting. ByteDance's TikTok, which runs Tokopedia, one of Indonesia's biggest e-commerce platforms, told Reuters in a statement that it would need time to implement the directives. Tokopedia has around 12 million sellers listed on its platform, and, in 2023, the total value of transactions reached 249 trillion rupiah ($15.3 billion), according to a company presentation. "We hope its implementation takes into account the need for adequate preparation time for various aspects. This includes the technical readiness of platforms and the capacity of sellers, especially small and medium-sized enterprises, to comply," TikTok said in the statement. The tax office said the regulation was intended to improve supervision of the "shadow economy" and vendors who do not pay taxes because of the perceived complexity of the filing process. Indonesia's has a booming e-commerce industry, with last year's estimated gross merchandise value of $65 billion expected to grow to $150 billion by 2030, according to a report by Google, Singapore state investor Temasek and consultancy Bain & Co. (Reporting by Stefanno Sulaiman; Writing by Gibran Peshimam; Editing by David Stanway)
Zawya
11 hours ago
- Business
- Zawya
Qatar's Qilaa International to invest initial $2.5bln in Indonesia housing project
JAKARTA - Qatar's Qilaa International group will make an initial investment of about $2.5 billion in its project to build 1 million affordable housing units in Indonesia, its chairman said on Thursday. The chairman said the company will build 50,000 units of apartments soon. (Reporting by Stefanno Sulaiman and Ananda Teresia; Editing by John Mair)
Yahoo
19-06-2025
- Business
- Yahoo
Grab-GoTo merger talks face Indonesian regulatory hurdles, sources say
By Stefanno Sulaiman, Yantoultra Ngui and Fanny Potkin JAKARTA/SINGAPORE (Reuters) -Singapore-based Grab's plan to acquire Indonesia's GoTo to create a dominant Southeast Asian ride hailing and food delivery company has run into regulatory hurdles, three sources said, casting a cloud over a potential deal. Reuters reported in May Nasdaq-listed Grab was looking to strike a deal to buy smaller rival GoTo in the second quarter and had hired advisers to work on the proposed acquisition. A deal could value GoTo at around $7 billion. The two companies now need more time to agree on a deal after the Indonesian government proposed some conditions for the plan to go through, said the three sources, who have knowledge of the deal discussions. The Indonesian government is examining how the potential merger would impact job welfare and market competition in Southeast Asia's biggest and most populated economy, said two of the sources. In May, hundreds of ride-hailing drivers and riders joined protests in several cities across Indonesia over low wages and to oppose a Grab-GoTo merger, fearing the creation of a monopoly that would lead to job cuts and raise prices for consumers. The government also wants the merged entity to guarantee more benefits, such as better fees and bonuses to riders and drivers, said one of the sources, who did not wish to be identified as the deal talks are confidential. Grab said last week it stood by its previous statement that it was not involved in any discussions for a potential transaction with GoTo and has not entered into any definitive agreements. Separately, Grab also raised $1.5 billion in a convertible notes offer, citing acquisitions among the capital's intended uses. GoTo, which is trading at a valuation of $4.4 billion, referred Reuters to its previous regulatory disclosures that there has been no agreement with any party about a potential transaction. Indonesia's transport ministry declined to comment. OPTIMISING OPERATIONS GoTo is 73.90%-owned by foreign investors, including SoftBank Group and Taobao China Holding, a unit of China's Alibaba Group, with the rest owned by Indonesian investors, according to its 2024 annual report. SoftBank's SVF GT Subco (Singapore) Pte Ltd and Taobao are GoTo's top two shareholders, holding 7.65% and 7.43% stakes, respectively, the report showed. When asked to comment on a potential deal involving GoTo and Grab, Sufmi Dasco Ahmad, the deputy speaker of the Indonesian parliament, told Reuters the government wants GoTo to be majority-owned by Indonesians. Dasco, who is also a senior member of Indonesia President Prabowo Subianto's ruling party, did not detail how GoTo can be majority-owned by Indonesians. He also did not comment on any conditions the government has set for the potential merger. Deputy Indonesian manpower minister Immanuel Ebenezer, whose agency oversees employment, said he has no information on any conditions set for a Grab-GoTo merger. A merger would enable the two companies, which, according to LSEG data, have been posting annual net losses since their IPOs, to cut costs by optimising operations. Grab, with a current market value of about $19 billion, is currently worth about half the $40 billion when it merged with a blank-check company to list on the Nasdaq in December 2021. ($1 = 16,295.0000 rupiah) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24-03-2025
- Business
- Yahoo
Sovereign fund Danantara Indonesia names 'dream team' of former presidents, Sachs, Dalio and ex-Thai PM Thaksin
By Stefanno Sulaiman and Stanley Widianto JAKARTA (Reuters) - New sovereign fund Danantara Indonesia on Monday unveiled its "dream team" to chart its strategy, which included ex-presidents and advisory roles for hedge fund manager Ray Dalio, economist Jeffrey Sachs and influential former Thai premier Thaksin Shinawatra. Danantara, launched last month, is Indonesian President Prabowo Subianto's key vehicle to achieve his 8% growth target by 2029 by managing all shares of state-owned enterprises and reinvesting the dividends in commercial projects. The fund is slated to eventually manage more than $900 billion worth of assets and has been described by officials as Indonesia's version of Singapore's Temasek. Former Indonesian Presidents Joko Widodo and Susilo Bambang Yudhoyono were named members of the fund's steering committee, while Dalio, founder of the world's largest hedge fund Bridgewater, will assume the advisory role alongside Thaksin, a controversial billionaire and father of Thailand's current premier Paetongtarn Shinawatra. Thaksin, Thailand's most influential and polarising politician, returned home in 2023 after 15 years in self-exile avoiding jail for conflicts of interest and abuse of power. He served six months in detention and was released last year. Reuters could not immediately contact Widodo and Yudhoyono for comment, while Bridgewater and Thaksin's representatives did not immediately respond to requests for comment. Sachs in an email told Reuters he had been appointed Prabowo's special adviser. "And in this capacity (I) will serve on the advisory board of Danantara," he said. "My work is entirely voluntary, to support Indonesia's sustainable development, and is without any compensation." 'POSITIVE SIGNAL' In its first wave of investment worth $20 billion, Danantara will target projects in natural resources processing, artificial intelligence development, and energy and food security. The formation of Danantara and concerns about the state's substantive role in the economy was one of the causes of a market selloff last week in Southeast Asia's biggest economy, according to some analysts, when the main stock index fell as much as 7%, triggering a trading halt. Danantara chief executive officer Rosan Roeslani said the appointees would win market confidence. "When these names are received well, it could be a positive signal for the Indonesian economy, job creation," he told an appointment ceremony, adding all of Indonesia's state-owned enterprises were now under the new fund's management. Among Danantara's directors are former officials from several renowned banks such as Bank Mandiri and HSBC, as well as a former director at Indonesia's central bank, Rosan said. Danantara is the country's second sovereign wealth fund after the Indonesia Investment Authority and will operate separately.
Zawya
18-03-2025
- Business
- Zawya
Indonesia economic fundamentals strong despite market falls, minister says
Indonesia's economic fundamentals are strong and volatility in the stock market is common, chief economic minister Airlangga Hartarto said on Tuesday. Indonesian stocks fell as much as 7.1% on Tuesday and the rupiah slid to a two-week low against the dollar, pressured by concerns over the government's fiscal strategy and growth prospects a day before a central bank review of monetary policy. (Reporting by Stefanno Sulaiman; Editing by John Mair)
