Cambodia rice exports grow on strength of China quota
Cambodian rice exports increased nearly 17 per cent during the first nine months compared to the same period last year, with exporters pushing to fill orders under China’s higher import quota as European markets remained steady.
A total of 421,900 tonnes of rice was exported between January and September, a 16.7 per cent increase compared to the first nine months of 2016, according to government data published on Thursday.
China – which has agreed to accept 200,000 tonnes of rice this year – was the top destination for rice shipments, receiving 124,700 tonnes during the period, with 53,900 tonnes and 35,400 tonnes delivered to France and Poland, respectively. – The Phnom Penh Post
Indonesia may allow foreigners to own properties
The Indonesian government is preparing a land bill, which among other things, allows foreigners to own properties, whose construction is based on building-use permits (HGB).
“In the bill, the government proposes several changes, including to allow foreigners to have apartments, whose construction licenses are in the form of HGB,” Agrarian and Spatial Minister Sofyan Djalil said.
The existing basic law prohibits foreigners from either fully owning plots of land or controlling property and land construction based on the HGB permit.
Sofyan, however, stressed the bill was still in its early stage, which would be discussed by government officials before it was submitted to the House of Representatives for deliberation. – The Jakarta Post
RP, Japan sign restated bilateral swap agreement
The central banks of the Philippines and Japan yesterday signed the restatement of their third bilateral swap agreement (BSA), a stop-gap measure for short-term liquidity problems, after it expired this month.
In a statement, the BSP said it and the Bank of Japan, which acted as the agent for Japanese Finance Minister Taro Aro, signed the restated BSA, which also took effect yesterday.
Similar to the third BSA, the restated agreement “enables the Philippines to swap its local currency against Japanese yen, in addition to US dollars of up to $12 billion equivalent for the Philippines and $500 million for Japan,” the BSP said.
“The authorities of both countries believe that the strengthened bilateral financial cooperation will contribute to the stability of financial markets, promote the use of local currency including the Japanese yen in Asia in the medium term, and thereby further develop growing economic and trade ties between the Philippines and Japan,” according to the BSP.
During the meeting of Asean and Japan’s finance ministers and central bank governors in Yokohama, Japan last May, the Japanese government proposed to extend its BSA with the Philippines and other Asean countries. – Philippine Daily Inquirer
Indonesian tax dodgers use beneficial ownership system
Many taxpayers in Indonesia have used the beneficial ownership system, which involves controlling companies without being listed as shareholders, to avoid taxes.
Financial Transaction Reports and Analysis Center (PPATK) legislation deputy director Fithriadi has said that by becoming a beneficial owner, people did not state their ownership or income in their tax form, but they received payments from the company.
“The taxpayers put the asset ownership on their asset managers' names,” said Fithriadi in Jakarta on Thursday.
He said the system was not only used by people to avoid paying taxes, but it was also used by corrupt people to avoid legal charges.
Citing an example, he pointed to a corruption case of videotron procurement in 2012 in the Cooperatives and Small and Medium Enterprises Ministry. The convicted person had listed his office assistant as the president director of his company in an attempt to avoid legal charges.
Transparency International Indonesia researcher Wahyudi Tohari said that global money laundering amounted to around US$800 billion to $2 trillion per year.
"Big corruption [suspects] are using dummy corporate [persons] to blur their identities and in 25 per cent of bribery cases, the money was transferred through the corporate [persons]," he said. – The Jakarta Post