This publication sets out to provide an overview of new matters introduced by Government Regulation No. 27 Year 2017 (“ PP 27”) and its significant changes to Government Regulation No. 79 Year 2010 (“PP 79”).
The President signed Government Regulation No. 27 Year 2017 (“PP 27”), an Amendment to Government Regulation No. 79 Year 2010 (“PP 79”) regarding Cost Recovery and Provision on Income Tax in Upstream Oil and Gas Activities, on 15 June 2017; it became effective on 19 June 2017, the date it was published.
PP 27 was issued to respond to concerns raised by various stakeholders regarding PP 79. Its aim is basically to improve the investment climate within the industry and increase discovery of oil and gas reserves. It is also expected to improve legal certainty in upstream oil and gas investment activities.
An overview of new matters introduced by PP 27 and its significant changes to PP 79 is included in this ENR Alert.
They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.