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Indonesia drafts new law for Bali financial center, aiming for Dubai-level status
Bali newsBali5 min read
Indonesia is developing a specific regulation for its planned international financial center in Bali, with the goal of matching Dubai's status. Chief Economic Affairs Minister Airlangga Hartarto confirmed that a new law is being drafted, following discussions with the Constitutional Court regarding the legal structure. While other locations are possible, the focus is currently on Bali. The government is identifying incentives for investors, similar to those offered in other special economic zones, potentially including tax exemptions. Indonesia is also considering adopting common law for the financial special economic zone, a system that provides more certainty for investors by emphasizing adherence to previously decided cases, unlike Indonesia's current civil law. Consultations with the Constitutional Court are underway regarding this adoption. The government plans to leverage a newly approved financial law that revised existing regulations and will release another law with technical details by September. A council will oversee the center. Economist Bhima Yudhistira of Celios suggests an independent regulator for transactions within the zone, similar to Dubai International Financial Center, to build investor trust.
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