JAKARTA (TheInsiderStories) – Good morning. Followings are some relevant news that might help your business decisions today:

Google Pays Taxes Owed to Indonesia in Full

Global technology giant Google has paid back taxes it owed to the Indonesian government since 2015 in full on Thursday (29/11), marking a new milestone in the country’s efforts to rein in digital companies. The outgoing Director General for Taxes Ken Dwijugiasteadi declined to disclose the amount Google paid in back taxes, citing the confidentiality rule.

Bank Indonesia Bans Bitcoin 

Bank Indonesia through its financial technology ruling prohibits transactions using virtual currency and bitcoin. The affirmation of the bitcoin ban have been signed on Nov. 29, 2017 and will be launched on Monday (4/12). Executive Director of the Head of Bank Indonesia Payment System Policy Department Eni V. Panggabean said the ruling on the Implementation of Payment Processing Transactions Bank Indonesia has clearly banned bitcoin.

Bank Loan Grows 8% on October

Indonesia’s banking industry loan increased in October compared to the previous month growth. Based on Bank Indonesia money supply analysis, at the end of October 2017 banks have disbursed Rp4,588.5 trillion in loans or grew 8 percent, higher than September 2017 which grew 7.7 per cent (yoy).

Jababeka’s Revenue Increase in 9-Months period

PT Kawasan Industri Jababeka Tbk (IDX:TIJA) did not significantly improve the company’s total revenue during the third quarter 2017. While the tax expenses during the period 2017 increased compared with the same period 2016. Based on the company’s financial report, the company’s revenue rose 20 per cent from Rp 1.93 trillion in the third quarter 2016 to Rp 2.32 trillion in the period of 2017. Its gross profit reached Rp 857.67 billion during January-September 2017 compared with Rp 741.97 billion in the same period last year.

Setiabudi to Develop Labuan Bajo and Bangka Belitung

PT Jakarta Setiabudi Internasional Tbk (JSPT) is allocating around Rp 60 – Rp 70 billion to buy an additional land bank in Labuan Bajo and Bangka Belitung. The 17.5 Ha land bank in Bangka Belitung will be developed into seashore resort. While in Labuan Bajo, the company has prepared a land bank of 5 ha. Currently, Jakarta Setiabudi is developing an integrated mixed use lifestyle center with open space, boutique hotel and F&B retail. The land area of 3.8 Ha is located in Mega Kuningan with a gross floor area of 298,494 square meters. For Mega Kuningan project, Jakarta Setiabudi will invest around $138 million which consists of 30 per cent internal cash and 70 per cent external financing. The hotel will have 200 rooms, yet the hotel operator has not been revealed.

Indonesia to Push Three Leading Products to EU Market

The Ministry of Industry is expanding the export market in Europe through three superior products namely clothing, textiles and shoes. These types of products are prioritized in the list of trade and investment negotiations in the region. Negotiations through the Comprehensive Economic Partnership Agreement (CEPA) are conducted to anticipate parliamentary resolutions in the EU that may affect the process of cooperation. All three products are still subject to 12 per cent import duty, while palm oil is exempted from import duties, excluding some of its derivative products which are subject to import duty of about 10 per cent. (*)