Minister of Finance Updates Provisions on Voluntary Declarations and Voluntary Payments

With the ultimate aim of improving legal certainty and importer compliance, businesses operating in free-trade and free-ports areas, as well as businesses operating in bonded-storage areas (collectively referred to as “ Businesses ”) will now be subject to a new framework during submissions of voluntary declarations and voluntary payments. [1] More specifically, the Minister of Finance (“ Minister ”) has established a comprehensive set of guidelines for the submission of voluntary declarations and voluntary payments through the issuance of Regulation No. 201/PMK/04/2020 on Voluntary Declarations and Voluntary Payments (“ Regulation 201/2020 ”). The issuance of Regulation 201/2020 means that Regulation of the Minister No. 67/PMK.04/2016 (“ Regulation 67/2016 ”), which was the previous legal framework to address voluntary declarations and voluntary payments, has now been repealed and replaced.