Who is responsible for conducting audits in Indonesia?
Audits in Indonesia are conducted by qualified auditors who are registered with the Financial Services Authority (OJK) or the Indonesian Institute of Certified Public Accountants (IAPI).
Are there any penalties for non-compliance with accounting and tax regulations?
Yes, failure to comply with accounting and tax regulations in Indonesia may result in penalties and fines imposed by the tax authorities. It is crucial to maintain accurate records, meet reporting deadlines, [...]
Is it mandatory for small businesses to prepare audited financial statements?
Small businesses that do not meet the criteria mentioned earlier are generally not required to have their financial statements audited. However, they are still required to maintain proper accounting records and comply [...]
Is it mandatory for companies in Indonesia to be audited?
In accordance with the Company Law in Indonesia, limited liability companies are required to have their financial statements audited by a registered public accountant if they fulfil any of the following conditions: [...]
What is the role of an auditor in the accounting process?
An auditor plays a crucial role in verifying and assessing the accuracy and reliability of a company's financial statements. They conduct an independent examination of the financial records, assess internal controls, and [...]
What is the deadline for filing financial statements in Indonesia?
The financial statements must be prepared and filed within four months after the end of the company's fiscal year. For example, if the fiscal year ends on December 31st, the financial statements [...]
How often should financial statements be prepared and submitted in Indonesia?
Financial statements should be prepared at least once a year and submitted to the relevant authorities, such as the Ministry of Finance or the Indonesian Financial Services Authority (OJK), depending on the [...]
What are the requirements for maintaining accounting records in Indonesia?
All companies in Indonesia are required to maintain proper accounting records, including ledgers, journals, financial statements, and supporting documents.
What is the corporate tax rate in Indonesia?
The corporate tax rate in Indonesia for the 2023 fiscal year is 22%.
How can companies get assistance with corporate tax matters in Indonesia?
Companies can seek assistance from professional tax advisors, accounting firms, or tax consultants who specialise in Indonesian tax regulations to ensure compliance and optimise tax planning strategies.