Purbaya may start with Bakrie’s coal units

Bumi Resources (BUMI), the largest coal producer listed on the Indonesia Stock Exchange (IDX), booked net profit of US$50 million only last year, not even one-tenth of second largest Adaro Andalan Indonesia (AADI), which posted net profit of US$760.2 million. Minister...

Coretax and the illusion of digital reform

Finance Minister Purbaya Yudhi Sadewa acknowledged that Coretax system is difficult to access—so much so that it has spawned a market for “tax jockeys” (joki SPT)—he did more than admit a technical flaw. Coretax was designed as the backbone of tax administration...

Audit or reckoning?

The latest move to audit tax restitution in the natural resources sector is being framed as a technical correction. It is anything but. By involving BPKP and threatening criminal sanctions, the government is signaling a deeper concern: that restitution has quietly...

Public health vs corporate interest in food labeling push

Government’s plan to mandate front-of-pack labeling for sugar, salt and fat is not merely a technical regulatory step. It marks a deeper shift in how the state positions itself between consumers and corporations—one that is likely to test both political resolve and...

Adhi Karya’s huge loss

State EPC firm Adhi Karya (ADHI) suffered net loss of Rp5.4 trillion last year, skyrocketed from Rp87 billion only in 2024 on falling sales revenues, squeezed margins, and huge impairment on inventories.  Adhi Karya’s sales revenues dropped by 27.6% to Rp9.67...

MBG legal challenges

Prabowo Subianto’s flagship free nutritious meals program (MBG) is facing legal challenges from multiple quarters, including educators and civil society groups. At the heart of their concern is the program’s financing, which they argue comes at the expense of other...

Judgement day

Trump reiterated his threats to Iran on Monday (Apr 6) that that US would bomb Iran’s civilian infrastructure facilities unless the Strait of Hormuz is reopened Wednesday (Apr 8). Tuesday, accordingly, is the judgement day as to whether the war will end or escalate....

Rupiah’s new normal

Rupiah is traded at Rp17,019 per USD this morning, while composite index of Indonesia Stock Exchange/IDX (IHSG) opened lower by 0.73% to 6,975. Compared to Japan’s Yen or India’s Rupee, which depreciated 8% each against the greenback, Rupiah actually lost only 0.86%...

IT sector financial performance

Listed IT companies posted broadly positive earnings in 2025. But a closer reading of their financial statements suggests a more complicated story: growth is no longer about selling more—it is about selling differently. Take PT Anabatic Technologies Tbk. On paper, its...

Too fast to regulate, too slow to understand

Digital governance is entering a new phase—more assertive, more interventionist, and increasingly centralized. But two recent policies from the Ministry of Communication and Digital Affairs (Komdigi) reveal a troubling contradiction: the state is moving faster to...
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