10 Business Lessons You Can Learn from Parenthood

Redaksi    Monday, August 26, 2024    Comment   

10 Business Lessons You Can Learn from Parenthood

10 Business Lessons You Can Learn from Parenthood.

Parenthood is a journey filled with challenges, joy, and countless learning opportunities. Interestingly, many of the skills and lessons parents pick up along the way can be directly applied to the world of business. Here are ten key business lessons that parenthood can teach you:

1. Don’t Be Afraid to Delegate

One of the most valuable business lessons from parenthood is the art of delegation. Just as you sometimes have to trust others to take care of your child, in business, you must learn to delegate tasks to avoid burnout. Whether it's hiring a nanny to help with childcare or entrusting a team leader with a project, delegation is essential.

2. Master the Art of Planning

Parenthood teaches you to plan meticulously. From ensuring your child’s daily routine is intact to planning for unexpected events, these skills transfer seamlessly to business. Effective planning in business minimizes risks and helps achieve goals efficiently. As a parent, you quickly learn that every minute counts—this is a mindset that benefits any business leader.

3. Adapt to Changing Plans

No matter how much you plan, things can go awry when children are involved. Parenthood teaches you to be flexible and adjust your strategies on the fly—a crucial business lesson. In business, being adaptable and maintaining a positive attitude when things don’t go as planned can often lead to new opportunities.

4. Cultivate Patience

Parenthood requires immense patience, and this is a skill that is just as vital in business. Whether it's dealing with an impatient client or navigating a challenging project, staying calm and patient allows for more thoughtful decision-making. In business, patience can be the key to long-term success.

5. Juggle Multiple Tasks

Managing multiple tasks at once is a daily reality for parents. This multi-tasking ability is one of the most practical business lessons you can learn from parenthood. Balancing various responsibilities at work with a clear head, much like managing household chores while caring for a child, can significantly improve productivity.

6. Lead with Empathy

Being a parent means leading your children with empathy, and the same approach works wonders in business. By understanding your team's needs and challenges, you can guide them more effectively. A compassionate leader fosters a positive work environment, leading to better performance and business growth.

7. Learn to Say No

One of the toughest business lessons parenthood teaches is the ability to say no. Just as you must set boundaries with your child, you need to do the same in business. Saying no to unnecessary tasks or projects helps focus on what truly matters and prevents burnout.

8. Don’t Hesitate to Seek Advice

Parenthood humbles you and teaches you that seeking advice is not a sign of weakness. Whether you’re asking for parenting tips or business strategies, reaching out for help can lead to better outcomes. In business, this could mean consulting with mentors or experts to gain valuable insights.

9. Take Time to Rest

Both parenthood and entrepreneurship are 24/7 commitments, but it's vital to take breaks. One crucial business lesson is that rest is essential for maintaining high performance. Just as parents need time to recharge, business leaders must take breaks to avoid burnout and stay productive.

10. Do What You Love

Finally, parenthood reminds you of the joy that comes from doing what you love. Children engage in activities they truly enjoy, and this can be a powerful business lesson. If your business doesn't bring you joy, it might be time to reconsider your path. Passion is a key driver of success, and loving what you do can lead to greater fulfillment and achievement.

Incorporating these business lessons from parenthood can help you grow both personally and professionally. Whether you're managing a team or running your own company, these insights can provide a fresh perspective and help you navigate the challenges of the business world with confidence and grace.

What Taxes and Insurance Contributions Should an Individual Entrepreneur (IE) Pay?

Redaksi    Monday, August 26, 2024    Comment   

What Taxes and Insurance Contributions Should an Individual Entrepreneur (IE) Pay?

What Taxes and Insurance Contributions Should an Individual Entrepreneur (IE) Pay?

Individual Entrepreneurs (IE) in Russia have to navigate a range of taxes and insurance contributions depending on the chosen taxation system. Below is a breakdown of the key obligations.

General Taxation System (GTS)

The General Taxation System (GTS) is the default option for individual entrepreneurs who do not switch to another regime. Under GTS, IEs are required to pay the following taxes:

1. Personal Income Tax (PIT): 

•    13% on profits, except for specific income types.
•    15% on income exceeding RUB 5 million.
•    Entrepreneurs can reduce taxable income by deducting business expenses. If documentation is lacking, a professional deduction of 20% applies. Taxpayers can also utilize other personal deductions, such as those for housing, education, or medical expenses. 

2. Value-Added Tax (VAT): 

 0%, 10%, or 20%, depending on the goods and services. VAT is paid quarterly, with the total amount split into three monthly payments. Entrepreneurs may qualify for VAT exemption if their turnover (excluding VAT) doesn't exceed RUB 2 million over the past three months.

Simplified Taxation System (STS)

Entrepreneurs can opt for the Simplified Taxation System (STS) by notifying the tax authorities. Eligibility requirements include having no more than 100 employees, an income not exceeding RUB 150 million, and fixed assets valued at no more than RUB 100 million. Under STS, entrepreneurs have two options:

1. 6% on all income: The rate increases to 8% if the business employs between 100-130 people, or if the income exceeds RUB 150-200 million.
2. 15% on the difference between income and expenses: The rate increases to 20% if the business exceeds the eligibility thresholds.

Note: Entrepreneurs using STS can reduce their tax liabilities by the amount of insurance contributions paid.

Patent Taxation System (PTS)

The Patent Taxation System (PTS) is available for specific business activities, such as tailoring, hairdressing, and dry cleaning. Entrepreneurs with fewer than 15 employees and an annual turnover not exceeding RUB 60 million can purchase a patent. The patent’s cost is determined by local authorities based on average income in the relevant sector.

Unified Agricultural Tax (UAT)

The Unified Agricultural Tax (UAT) is suitable for those involved in agricultural production and sales. The tax is 6% on net income (revenue minus expenses and losses). Payment is due in two stages: an advance payment by July 28 and the final payment by March 28 of the following year.

Automated Simplified Taxation System (ASTS)

This experimental system is available in select regions, including Moscow and Tatarstan. It offers simplified tax rates of 8% on income or 20% on the difference between income and expenses. IEs on ASTS are not required to pay insurance contributions for employees, except for accident insurance, and no tax returns are necessary as the tax authorities handle calculations.

Professional Income Tax (PIT for the Self-Employed)

Self-employed individuals without employees can pay a 4% tax on income from individuals and 6% on income from businesses. The annual income limit for this regime is RUB 2.4 million.

Insurance Contributions for IEs

Individual entrepreneurs, except for those on ASTS or registered as self-employed, are required to make insurance contributions. In 2024, this amounts to RUB 49,500. If income exceeds RUB 300,000, an additional 1% contribution is required. The maximum contribution is capped at RUB 277,571.

Taxes and Contributions for Employees

If an IE employs workers, they must pay:

1. Personal Income Tax (PIT): 13% of employee income, withheld from their salary.
2. Insurance Contributions: 30% on income up to RUB 1.917 million and 15.1% on amounts exceeding this threshold. Additional contributions for workplace accidents range from 0.2% to 8.5%.

Other Taxes

Entrepreneurs remain liable for personal taxes, including:

• Property Tax: Up to 2.2% depending on the region.
• Transport and Land Taxes: Rates vary locally.

Payment Process

From 2023, Russia introduced a unified tax payment system. All taxes and contributions are paid into a single account, with the tax authorities managing the distribution.

Final Thoughts

The taxation and contribution landscape for individual entrepreneurs in Russia is complex and depends on the chosen system and specific business activities. Entrepreneurs should stay informed and seek professional advice to ensure compliance and optimize their tax liabilities.

7 Reality Shows That Can Teach You About Business

Redaksi    Monday, August 26, 2024    Comment   

7 Reality Shows That Can Teach You About Business

Still from the show "On the Knives"

Reality shows aren’t just about entertainment; some can provide valuable lessons in business. Whether you're an aspiring entrepreneur or just curious about the world of business, these shows offer insights that can help you grow and improve your skills. Let’s dive into seven reality shows that can teach you about "buseniss" (business).

1. Kitchen Nightmares (Кошмары на кухне)

Duration: 8 Seasons  

Release Year: 2007  

Country: USA

In this show, the famous chef Gordon Ramsay travels across America, visiting restaurants on the brink of collapse. He spends a week observing, identifying issues, and helping the owners turn their businesses around. Ramsay’s direct and fiery approach might be intense, but his advice is invaluable. Whether you’re in the food industry or another type of business, watching how he uncovers and fixes problems can teach you a lot about what to avoid and how to improve.

2. On Knives (На ножах)

Duration: 8 Seasons  

Release Year: 2016  

Country: Russia

This Russian show is similar to "Kitchen Nightmares." Chef Konstantin Ivlev travels around, trying to save struggling restaurants. The lessons here are just as relevant, although some owners revert to their old ways after the cameras stop rolling. It’s a reminder that while expert advice is great, sticking to it is crucial for long-term success.

3. Now I’m the Boss! (Теперь я босс!)

Duration: 8 Seasons  

Release Year: 2018  

Country: Russia

In this unique show, two business owners from the same industry swap places. One is successful, while the other is just starting out. Watching them tackle each other’s challenges highlights the different aspects of small and large businesses. From cafes to cosmetics companies, this show offers insights for entrepreneurs of all kinds.

4. The Apprentice (Кандидат)

Duration: 15 Seasons  

Release Year: 2004  

Country: USA

This famous reality show, initially hosted by Donald Trump and later Arnold Schwarzenegger, pits contestants against each other as they compete for a job in one of Trump’s companies. Each week, the teams face business challenges, and the losing team has one member fired. The Apprentice offers a glimpse into how businesses operate and what it takes to be a strong leader and team player.

5. Business Makeover (Бизнес на прокачку)

Duration: 1 Season  

Release Year: 2021  

Country: Russia

This show, produced by RBC and Alfa-Bank, focuses on improving existing businesses. Over six weeks, experts help entrepreneurs streamline operations, boost sales, and expand their companies. Despite being partly a promotion for the bank’s services, the show is packed with practical advice on scaling up and dealing with business challenges.

6. Idea for a Million (Идея на миллион)

Duration: 1 Season  

Release Year: 2017  

Country: Russia

This show is essentially a startup pitch competition, with participants presenting their ideas to a panel of judges from various state institutions. Watching how startups pitch their ideas and handle tough questions is invaluable for anyone looking to attract investors. Sometimes, selling your idea is just as important as creating it.

7. Start-Up (Стартап)

Duration: 4 Seasons  

Release Year: 2013  

Country: USA

Host Gary Bredow travels across America, talking to small and medium-sized business owners. While the business environment in the U.S. may differ from other countries, the core challenges—like finding startup capital and staying motivated through setbacks—are universal. This show is perfect for those just starting or dreaming of starting their own "buseniss."

6 Practical Tips for Finding Funding and Support When Starting Your Own Business

Redaksi    Monday, August 26, 2024    Comment   

6 Practical Tips for Finding Funding and Support When Starting Your Own Business

6 Practical Tips for Finding Funding and Support When Starting Your Own Business. (Ilustrasi)

Whether you're launching a tiny coffee shop, a city service, or a tech startup, starting a business from scratch is no easy feat. From writing a business plan to handling taxes and paperwork, the journey can be overwhelming. To help you get started smoothly, here are six universal tips and youth support programs in collaboration with the national project "Small and Medium-Sized Enterprises."

1. Find a Mentor in Your Field

Behind every creative idea is a lot of hard work. Writing a business plan, registering a legal entity, and dealing with taxes can be exhausting, especially when you're just starting. To make the journey easier, seek a mentor with real experience in your field, not just someone selling success courses online.

You can find a mentor by:

• Reaching out to entrepreneurs in your industry who are actively building their personal brand. They may be open to mentoring as it benefits their own growth.
• Using mentor-finding services, often offered by private companies or universities. For example, if you're under 35, you can apply to the "Business.Mentors" project by Rosmolodezh, which connects young entrepreneurs with mentors.

When working with a mentor, you can agree on bartering services, fixed payments, or even a share in your company—though the latter should be reserved for trusted relationships.

2. Apply for Youth Grants

In Russia, young entrepreneurs can receive grants ranging from 100,000 to 500,000 rubles to start their business. In the Arctic zone, the grant amount can go up to 1 million rubles. These grants can be used for businesses like sports schools, beauty salons, cafes, or bike rental services that benefit the community.

To apply, you need to submit your business plan to a "My Business" center, which are available in all regions. These centers also offer training in business basics and provide support with tasks like creating a website, designing a brand book, and registering a trademark.

3. Seek Help from Entrepreneurial Support Funds

If you're launching a startup, consider approaching the Innovation Promotion Fund, which offers youth competition programs, including grants for students. The largest program, "Start," provides up to 24 million rubles for launching and commercializing projects in fields like digital technology, medicine, biotechnology, and energy conservation.

Socially responsible businesses also support startups. For instance, the "IN Park Vasilyevsky" social business incubator in Oryol offers office spaces, coworking areas, and consultations at reduced rates.

4. Participate in Student Programs

Student programs allow you to dive into entrepreneurship without disrupting your studies. For example, the "Startup as a Diploma" program lets students develop a business project and defend it as their graduation thesis. This program includes training, mentorship, and even funding assistance.

In 2024, the first national "Startup as a Diploma" competition received over 500 applications, with the top 13 teams receiving startup support certificates and opportunities to participate in entrepreneurial events.

5. Consider Crowdfunding

If you don't want to take out a loan, crowdfunding is a great way to fund your business. Whether you’re making concept films, creating upcycled fashion, or restoring vintage radios, crowdfunding can attract supporters. Even well-known people like animator Harry Bardin have used crowdfunding to fund their projects.

To start, choose a legal platform that suits your project's needs. Ensure that you understand the platform’s fees and any taxes you might owe on the funds raised.

6. Join Your City’s Business Club

Business clubs are a great way to immerse yourself in a community of like-minded individuals and receive advice from experienced entrepreneurs. Some clubs are industry-specific, such as those for restaurateurs or beauty salon owners.

For youth, the "Act!" network of business clubs operates nationwide and accepts members up to 25 years old. These clubs offer mentorship, practical workshops, and opportunities to participate in regional and national entrepreneurship competitions.

Starting a business can be challenging, but with the right support and resources, you can overcome the hurdles and build a successful venture.

West Java to ensure earthquake-resistant building regulation applied

Redaksi    Sunday, February 12, 2023    Comment   

West Java to ensure earthquake-resistant building regulation applied

West Java to ensure earthquake-resistant building regulation applied.

BANDUNG - The West Java administration has reviewed the the implementation of regulations on the construction of earthquake-resistant buildings in districts and cities across the province in an effort to curb risks when powerful earthquakes occur. 

West Java Governor M Ridwan Kamil noted that provincial government would check whether district and city governments had implemented the regulations mandating the construction of buildings with earthquake-resistant structures.

"The regulations have already existed, specifically in the cities," he said in a statement issued by the provincial government on Sunday.

However, the provincial government will examine cities or regions beyond Bandung and Bogor that have yet to have regulations that mandate the construction of buildings with earthquake-resistant structure, he added.

Speaking at the Real Estate Indonesia (REI) anniversary event on Saturday, he said that the earthquakes that shook Cianjur on November 21, 2022 and Turkey on February 6, 2023  need to be taken as an important lesson.

Specifically, it is a lesson on the importance of building construction regulation to minimize the impact of earthquake, he explained.

The buildings in Cianjur only have one floor, but the buildings in Turkey are tall and have multiple floors which exacerbate the earthquake's impact. Many of them are not earthquake-resistant, he said.

The governor urged companies within REI to construct buildings with earthquake-resistant structures. On Thursday, the Indonesian city of Jayapura in Papua Province was struck by a 5.4-magnitude earthquake that killed four people.

According to the National Disaster Mitigation Agency (BNPB), these four victims were found from the ruins of a cafeteria that was destroyed due to the earthquake.

The agency also informed that 2,136 people were displaced by the earthquake and they seek refuge at evacuation locations spread across 15 areas.

Oleh : Ajat Sudrajat, Fadhli Ruhman/Antara

Editor : Yakop

The Wealth Of Indonesian Culinary Offerings Is Expected To Spark Foreign Tourists' Interest In Visiting The Country And Tasting Them Firsthand

Redaksi    Friday, October 28, 2022    Comment   

The Wealth Of Indonesian Culinary Offerings Is Expected To Spark Foreign Tourists' Interest In Visiting The Country And Tasting Them Firsthand

The Wealth Of Indonesian Culinary Offerings Is Expected To Spark Foreign Tourists' Interest In Visiting The Country And Tasting Them Firsthand.

Jakarta- The wealth of Indonesian culinary offerings is expected to spark foreign tourists' interest in visiting the country and tasting them firsthand, the Tourism and Creative Economy Ministry has said.

"Let's promote culinary as the entry point of travel to Indonesia," deputy for marketing at the ministry, Ni Made Ayu Marthini, remarked here on Friday.

Indonesia has 104 types of fried rice, 252 varieties of satay, more than 100 variants of soto, and up to 322 kinds of sambal. Culinary is one of the 17 creative economy sectors that are being developed and promoted in the country.

Currently, there are around 1,100 Indonesian restaurants overseas, and the government aims to increase their number to 4 thousand by 2024.

"We will continue to assist these restaurants and help through cooperation programs with representatives abroad, with the central government and regional governments," Marthini said.

Moreover, other stakeholders, such as the private sector, have been invited to help further popularize legendary traditional dishes from the country, especially among the younger generation.

Tourists can also get culinary experiences by visiting tourist villages that are being developed by the government, she added.

“The Tourism and Creative Economy Ministry also has a Tourism Village program, 50 (villages) have been curated," she informed.

Tourism Villages that are selected as favorites will get prizes and be promoted, making them more known, thus becoming destinations for tourists. She said that tourists would find tour packages promoting tourist village experiences with a plethora of activities interesting.

"Experiences that to us are common, to them they are extraordinary. For example, in Baduy, there is delicious honey, we also take them along to show how to harvest honey. This is a new direction of marketing (method): experience," she noted.

Meanwhile, culinary expert William Wongso said there are a number of Indonesian dishes that have the potential to be introduced to more people overseas.

However, there are several things that need to be considered, such as providing detailed information about their culinary origins to give an idea of how rich Indonesian cuisine is.

"Because each region has its own special food. There are Soto Lamongan, Soto Kudus, Soto Madura," he said.

He also underlined the need for adjustment, such as providing vegan options, for example, a vegan version of rendang made from plant-based ingredients, such as young jackfruit.

Oleh : Nanien Yuniar, Mecca Yumna/Antara

Editor : Yakop

Tangerang District Head Shares Insights On Coastal Area Management

Redaksi    Thursday, October 27, 2022    Comment   

Tangerang District Head Shares Insights On Coastal Area Management

Tangerang District Head Shares Insights On Coastal Area Management. 

Jakarta - Tangerang District Head Zaki Iskandar shed light on the management of coastal areas while addressing the Partnerships in Environmental Management for The Seas of East Asia (PEMSEA) Network of Local Governments (PNLG) Forum.

"Many challenges are faced in the management of coastal areas. However, many opportunities can also be seized (from coastal management) for environmental sustainability, welfare of the surrounding community, marine life, MSMEs, as well as local and national economic growth," Iskandar remarked at the forum held on Wednesday (Oct 26), according to a release posted by PNLG on its official website.

Iskandar emphasized that implementing the principles of Integrated Coastal Management (ICM) in coastal areas not only pertained to technicality on how to do it but also about environmental sustainability.

Moreover, the district head pressed for the need for strong leadership for implementing ICM to realize improved and environmentally sustainable coastal areas.

Hence, Iskandar shared some of his insights on sustainably managing coastal areas at the forum.

First, he emphasized that the implementation of principles of ICM should remain the top priority in managing coastal areas.

"Starting from the commitment to the ICM program, in particular, we should do it step by step," Iskandar, who is concurrently the vice president of PNLG, stated.

Second, he highlighted that the management of coastal areas should be conducted in stages and through a strong commitment to what has been developed.

Third, for conducting proper coastal management, Iskandar laid emphasis on the need to establish communication with all parties, including the provincial and central governments.

"It is because integrated coastal management cannot be conducted individually," he stated.

"During that period (of ICM implementation), we must be more active in communicating with all ministries and important sectors that support our program," he remarked.

Fourth, Iskandar also emphasized the importance of public-private partnership in conducting integrated coastal management.

"The management of coastal areas, such as Ketapang Village, cannot be done alone. Support from the provincial government, central government, and the private sector is needed," he explained.

Fifth, he said the implementation of integrated coastal management also needed support from the local community.

"The most important aspect is that the community needs to support it, and the community must be involved," he concluded. 

Pewarta : Yuni Arisandy Sinaga/Antara

Editor : Yakop

Logistics Industry Remains Strong In Facing Threat Of Recession

Redaksi    Thursday, October 27, 2022    Comment   

Logistics Industry Remains Strong In Facing Threat Of Recession

Logistics Industry Remains Strong In Facing Threat Of Recession.

Jakarta - PT Pos Indonesia (Persero) believes that the logistics industry remains strong in facing the threat of a global recession, as the freight forwarding business has an crucial role in every supply chain.

Director of Courier and Logistics Business of Pos Indonesia Siti Choiriana said the logistics industry had always grown despite the potential for a recession, based on the experience of two years of a pandemic that made trade activities move at a slow pace.

"In the past, during the pandemic, when all businesses were about to go down, logistics went up because people needed food that made logistics stronger," Choiriana noted in a statement here, on Wednesday.

"We realize that regardless of the world conditions and situations related to the global recession, it will have an impact, but the impact will not occur throughout Indonesia," she stated.

From 2020 to July 2022, Pos Indonesia recorded positive performance, with a market share growth rate of 4.1 percent during the pandemic. During those two years, the company's market share grew, from 3.0 percent to 7.1 percent.

In 2020, Pos Indonesia was ranked sixth nationally, with a market share of three percent.

At that time, the fifth position was occupied by TIKI with a market share of five percent, while the fourth position was taken by Wahana with a market share of five percent, SiCepat was in the third place with a 14-percent market share, J&T Express in the second position with a market share of 25 percent, and JNE at the first position with a 48-percent market share.

In 2021, Pos Indonesia's ranking rose to fifth position, thereby shifting TIKI with a market share of 5.1 percent. At that time, Ninja Xpress stood fourth, with a market share of 5.3 percent, while SiCepat was in third position with a market share of 9.3 percent, J&T Express was in second position, with a 31.2-percent market share, and JNE was still ranked first with a market share of 33.8 percent.

As of July 2022, Pos Indonesia has been in the fourth place with a 7.1-percent market share. The third national position was occupied by SiCepat with a market share of eight percent, while J&T Express was in second position with a market share of 30.7 percent, and JNE was still in first place with a market share of 31.6 percent.

"We believe the logistics industry will still grow. We invite many experts, and we talk to them. In fact, we invite fellow posts in other countries," Choiriana said.

Some time ago, Pos Indonesia had sent a team to attend the World Postal Union Conference in Germany with one of the topics of discussion related to anticipating various global economic challenges in the future.

Posts around the world have agreed to facilitate the logistics business in the midst of the threat of a global recession, so that it does not have a wide impact on other industries. Even if the effects of recession later spread to other industries, the post must be able to encourage other industries to improve.

"Hence, we are both looking for that opportunity," Choiriana said.

Currently, Pos Indonesia has taken various mitigation steps in dealing with the threat of a global recession, starting from business mitigation to service mitigation and human resource mitigation.

As a state-owned company (BUMN), Pos Indonesia must comply with all rules contained in the Company Law as a limited liability company, the law as a BUMN, and the law as a member of the World Postal Union (UPU).

"We provide a good role model, so that we can become stronger even in such a situation. We have prepared various steps, so that the mitigation we do is varied and layered," Choiriana stated. 

Pewarta : Azis Kurmala/Antara

Editor : Yakop

Promising And Cautious In Investing In Crypto Asset Trading

Redaksi    Thursday, October 27, 2022    Comment   

Promising And Cautious In Investing In Crypto Asset Trading

Promising And Cautious In Investing In Crypto Asset Trading.

Jakarta - The Indonesian government has been paying increasingly greater attention to the worldwide emergence of crypto currencies and regulated crypto-asset transactions.

In a bid to provide legal assurances to the public on every traded crypto asset, the Ministry of Trade’s Commodity Futures Trading Supervisory Agency (Bappebti/CoFTRA) has tightened supervision of crypto-asset trading. Trading a crypto asset may only be conducted electronically by crypto-asset traders in a future market as approved by Bappebti.

So far, over 20 thousand types of crypto assets are traded worldwide, though only 383 of them -- from the initial 229 units -- are recognized and licensed by the Indonesian government to be traded by 25 registered companies.

The increase in the number of tradable crypto assets is due to the popularity of crypto asset transactions. It also follows the market players’ suggestions and Bappebti’s evaluation results. These 154 additional types of crypto assets are authorized based on Regulation on the Bappebti (Perbappebti) No.11 of 2022.

The aforementioned regulation includes requirements, guidelines, addition mechanism, and types of crypto assets listed as tradable. The crypto assets are appraised by the Crypto Asset List Evaluation Team, comprising Bappebti, its associates, and business owners.

With the issuance of Perbappebti No.11 of 2022, the government hereby revoked Perbappebti No.7 of 2022 regarding 229 types of tradable crypto assets.

During a discussion with several journalists grouped in the Association of Indonesian Muslim Journalists (PJMI) here recently, Acting Head of Bappebti, Didid Noordiatmoko, said trading outside the 383 types of crypto assets does not receive any protection from the government. This means the government is not responsible for protecting their transactions, including of traders and buyers, in the event of situations that are detrimental to the parties involved in the illegal trading.

“Trading outside the 383 types of crypto assets is illegal, and the government is not responsible for trading outside of them,” Noordiatmoko remarked.

 

“The 383 types of crypto assets that have been legalized have been assessed as relatively safe by the government,” Noordiatmoko noted.

To that end, crypto-asset traders can only trade the crypto assets on the list, and crypto assets that have not been registered with the agency cannot be traded in Indonesia. It is expected that the public can invest in coins or other types of crypto assets that have been specified in the Bappebti Regulations.

The physical trading of crypto assets is one of the commodities that people are very interested in lately.

A crypto currency is a digital or virtual currency. The currency is encrypted or secured using cryptography to secure financial transactions, create additional units, and verify the transfer of assets. In contrast to fiat currency and central bank systems, many crypto currencies are decentralized systems based on block chain technology. Crypto assets represent a seismic shift in the financial markets and, in recent years, have grown in popularity, according to quantifislutions.com.

The technological advancements behind crypto assets have come a long way and have the potential to disrupt the financial system as we know it. Central banks and other financial institutions can play a role in shaping this landscape. However, this global phenomenon is creating confusion on multi levels i.e. how individual crypto assets differ from one another and the role of major participants in the crypto asset ecosystem.

Data transaction

Bappebti noted that commodity future trading (CFT) transaction data in the first quarter of 2022 showed a total of 4,747,922 lots, an increase of 46.47 percent as compared to 3,241,650 lots during the same period in 2021.

The development of crypto asset transactions is also expeditious. It noted from the transaction value in 2021 of Rp859.4 trillion, an increase of 1.224 percent as compared to Rp64.9 trillion in 2020.

In addition, it can be seen from transactions that had reached Rp130.2 trillion for the first three months (January-March) in 2022. In addition, crypto-assets customers have increased by 740,523 on average every month.

As of March 2022, crypto-assets in Indonesia have 12.8 million subscribers. In the CFT industry, the public can invest some idle funds managed by a future brokerage company officially registered with Bappebti.

This investment is a high risk, high return, and low risk, low return. Hence, it suggested that prospective customers have a deeper understanding of procedures for investing in the CFT industry.

Noordiatmoko explained that the legalization of crypto assets along with transactions, running in this ecosystem, is an effort by the government to protect the Indonesian people from fraudulent practices and other crimes, such as money laundering, drug transactions, and financing of terrorist acts.

The protection -- which the government has started applying since 2018 -- takes into account the growth in physical trading of crypto assets that shows a positive trend.

“Transactions in crypto assets are increasing. In 2020, the value reached Rp64.9 trillion (about US$4.2 billion), and then it increased to Rp859 trillion (about US$56.3 billion) in 2021. Until August 2022, the value was recorded at Rp250 trillion (about US$16.3 billion),” Noordiatmoko noted.

In addition, he said, the number of investors in this trade sector had increased, reaching at least 16 million people throughout Indonesia, and dominated by those aged between 18 and 35 years old.

“Of the total transaction value, players with transaction values below Rp500,000 (US$32.79 dollars) reached 70 percent, and only 0.9 percent were valued above Rp100 million (US$6,559 dollars),” Noordiatmoko stated, adding that this shows that most of the crypto asset players in this Southeast Asian country are college students.

He further noted that Indonesia is one of the few countries in the world that applies crypto asset trading regulations.

The potential and innovation of Indonesians as well as the market potential in the country is vast and continues to grow. In the last few years, several crypto assets made by Indonesians have been marketed in several global markets. In general, the digital economy has a great contribution to the country’s next economic growth.

Although crypto asset trading is promising, Noordiatmoko calls on people to remain cautious in investing money in this sector by seeking complete information from competent parties and always educating themselves about this. (INE)

*Mohammad Anthoni was a journalist that had worked for Antara News Agency in 1988-2018 and now a PR Consultant

*The views and opinions expressed on this page are those of the author and do not necessarily reflect the official policy or position of the ANTARA News Agency

Pewarta : Yuni Arisandy Sinaga/Antara

Editor : Yakop

Kopontren expected to advance economic independence: minister

Redaksi    Sunday, October 23, 2022    Comment   

Kopontren expected to advance economic independence: minister

Kopontren expected to advance economic independence: minister.

Jakarta - The Cooperatives and Small and Medium Enterprises (SMEs) Ministry is striving to realize the community’s economic independence by establishing Pondok Pesantren (Islamic boarding school) Cooperatives (Kopontren).

"The government is committed and very serious about helping Islamic boarding schools become economically independent," Cooperatives and SMEs Minister Teten Masduki remarked at the National Santri Day commemoration and the kick-off of the centenary of the Nahdlatul Ulama (NU), according to a press release received on Saturday.

Islamic boarding schools can become centers of community economic empowerment through the development of micro waqf institutions as well as baitul maal wa tamwil (BMT/sharia cooperatives), he added.

Several programs have been carried out by the ministry for developing a Kopontren-based economy, including the provision of revolving fund financing with a very low interest rate of three percent.

The government is also providing cluster people's business credit (KUR) with a budget ceiling of Rp373.17 trillion in 2022 and Rp400 trillion in 2023, the minister informed.

"We will develop a pilot project for the development of cluster KUR (in the schools) since Islamic boarding school can become a place to (learn about) business, not only a place to seek knowledge," he stated.

Through the Kopontren, Islamic boarding schools can take advantage of the social forestry program so that students and communities who are members of cooperatives can manage government-owned land to earn their livelihoods, he added.

The government will provide easy access to smallholder entrepreneurs to get up to 2 hectares of land, Masduki said. The government has prepared 12.7 hectares of land for entrepreneurs to manage.

"Through the management of the forests for productive activities (program), it is expected that the community's economy will improve," he added at the event, which took place at Pondok Pesantren An-Nur 2 Al-Murtadlo, Malang, East Java province.

The caretaker of the Islamic boarding school, Fathul Bari, lauded the government's efforts and policies, which have consistently supported all Islamic boarding schools in Indonesia.

In the future, he said he expects the schools to advance their economy and science aspects through various government programs.

"Thanks to the support from the minister (Masduki), the economy of Islamic boarding schools can become more independent and run well. Hopefully, the minister can continue to support Islamic boarding schools in East Java (specifically) and throughout Indonesia generally," he added.

Oleh : Baqir Alatas, Uyu Liman

Editor : Yakop

Kimia Farma, Malaysian Company Collaborate In Laboratory Services

Redaksi    Wednesday, October 19, 2022    Comment   

Kimia Farma, Malaysian Company Collaborate In Laboratory Services

State-owned pharmaceutical firm PT Kimia Farma established cooperation with a medical laboratory services provider from Malaysia, Pantai Premier Pathology Sdn. Bhd. to develop diagnostic laboratory services.

Jakarta - State-owned pharmaceutical firm PT Kimia Farma forged cooperation with a medical laboratory services provider from Malaysia to foster the development of diagnostic laboratory services.

The cooperation agreed on the provision of assistance and technical knowledge support for the development of diagnostic laboratory services. Thus, through implementation of the collaboration, Kimia Farma can enhance the quality and services of its laboratories.

President Director of PT Kimia Farma David Utama, in his statement here on Wednesday, stated that his firm continues to make efforts to provide easier access to health services to the community through its pharmacy, health clinic, and diagnostic laboratory networks spread across Indonesia.

"Currently, Kimia Farma has 72 diagnostic laboratories. Kimia Farma took a step to improve laboratory services to (match) international standards through cooperation with Pantai Premier Pathology Sdn. Bhd.," he remarked.

The cooperation between Kimia Farma and Pantai Premier Pathology covers human resource development programs through training and competency improvement, supported by the transfer of knowledge and technology between the two parties.

By exchanging knowledge and technology, Kimia Farma is optimistic of increasing and expanding the range of expertise in the aspect of human resources and service quality.

Pantai Premier Pathology Chief Executive Officer Mohd Hareeff Muhammed said his side is honored to be working with Kimia Farma to conduct healthcare transformation and health improvement for Indonesians.

"As one of the providers of comprehensive diagnostic services in Malaysia and part of the IHH Laboratory, we (Pantai Premier Pathology) hope to share knowledge and expertise with Kimia Farma and improve diagnostic services in Indonesia," he remarked.

Through the signing of a memorandum of understanding, Kimia Farma and Pantai Premier Pathology targeted to record an increase in service excellence, human resource skills, and leading technology, so that Kimia Farma can become the best provider in Indonesia.

Oleh : Citro Atmoko, Raka Adji/Antara

Editor : Yakop

Sustainable Business Development Needs Women's Participation: Minister

Redaksi    Wednesday, October 19, 2022    Comment   

Sustainable Business Development Needs Women's Participation: Minister

Minister of Women's Empowerment and Child Protection Bintang Puspayoga. (ANTARA/ HO-Kemen PPPA)

Jakarta - Minister of Women's Empowerment and Child Protection Bintang Puspayoga encourages sustainable business development with a gender perspective and involves the participation of women.

"There will be no sustainable development without equal participation of women and men," Minister Puspayoga noted in a statement here, Wednesday.

According to Puspayoga, this effort aims to achieve the 5th Sustainable Development Goals (SDGs), specifically attaining gender equality and empowering women, especially in the business world.

She said Indonesia has a population of over 270 million people and is the fourth most populous country in the world.

"Almost half of our population is women and about 70 percent of the population is of the working age. Moreover, half of our MSMEs are also owned and run by women," she stated.

Based on this figure, Puspayoga is optimistic that women's empowerment would have a major impact on the nation, especially in achieving the SDGs.

The ministry also encourages the participation of business actors, both individuals and companies, to create businesses with a gender perspective.

"I hope all participants of the B20 Sustainability 4.0 Awards can see through the lens of gender in implementing programs and creating innovations," the minister noted.

The B20 Sustainability 4.0 Awards are bestowed on businesses and individuals, who create innovations in improving inclusive sustainability practices through three pillars.

The three pillars of the sustainable development goals comprise access to clean water (SDGs 6), reduction and reuse of plastics (SDGs 12), and women in sustainability (SDGs 5).

The development of women-run micro, small, and medium enterprises (MSMEs), including those producing sharia fashion, will help advance the national economy, Governor of Bank Indonesia (BI) Perry Warjiyo earlier noted.

"Advancing MSMEs will not only help women to support their families but also create future leaders for Indonesia and advance the national economy," he remarked at the opening of the Indonesia International Modest Fashion Festival (IN2MOTIONFEST) here on Thursday.

As many as two-thirds of Indonesia's MSMEs are being managed by women, who are also handling and tending to their children, so they need to be supported to become leaders of the nation, he noted.

Pewarta : Azis Kurmala/Antara

Editor : Yakop

MIND ID Strives To Implement Circular Economy To Reach NZE

Redaksi    Wednesday, October 19, 2022    Comment   

MIND ID Strives To Implement Circular Economy To Reach NZE

MIND ID Strives To Implement Circular Economy To Reach NZE.

Pangkalpinang, Bangka Belitung -  State-run mining industry holding Mining Industry Indonesia (MIND ID) intensifies the application of circular economy in the company’s operation to achieve net zero emissions (NZE).

"The MIND ID Group continues to be committed to promoting the (application of) smart mining in conducting operational activities," president director of the enterprise Hendi Prio Santoso stated at the State-owned Enterprise’s (SOE’s) Commitment on Net Zero Emissions Panel of G20 Side Event SOE International Conference, as quoted from a press release  on Wednesday.

Santoso remarked that the holding company, comprising PT Aneka Tambang Tbk, PT Bukit Asam Tbk, PT Freeport Indonesia, PT Inalum (Persero), and PT Timah Tbk, remained committed to realizing NZE through the application of a circular economy.

"This (circular economy) approach encourages companies to optimize production, reduce risks, minimize (negative) environmental and social impacts, as well as explore more added value throughout the value chain," he remarked.

The members of MIND ID apply eco-friendly technology, with focus on reducing fuel consumption in mining and mining exploration, he stated.

"We are targeting to reduce emissions by one percent in 2022," the president director stated at the G20 side event held in Bali on Tuesday (October 18, 2022).

Santoso emphasized that the commitment shows the company's attempts to reduce emissions from the energy as well as industrial process and product uses (IPPU) sectors by 15.8 percent in 2030 and to support the Indonesian government's vision to realize NZE in 2060.

“The MIND ID Group's circular economic concept comprised three decarbonization (implementation) pillars, namely Avoid, Reduce, and Mitigate,” he remarked.

Santoso remarked that the "Avoid" pillar highlights the MIND ID Group's commitment to providing, investing, and enhancing low-carbon energy solutions across the value chain.

Furthermore, the "Reduce" pillar reiterates the holding’s attempts to limit emissions as much as possible, while the "Mitigate" pillar underscores the MIND ID Group’s efforts to implement offsetting and carbon capture.

The president director remarked that the principle of circular economy is utilizing resources and raw materials as long as possible as well as manufacturing reusable and recyclable end products with minimal by-products.

Oleh : Aprionis, Uyu Liman/Antara

Editor : Yakop

Indonesia's Trade Balance Records Surplus Amid Global Risks: Ministry

Redaksi    Wednesday, October 19, 2022    Comment   

Indonesia's Trade Balance Records Surplus Amid Global Risks: Ministry

Head of the Fiscal Policy Agency (BKF) of the Ministry of Finance Febrio Kacaribu. (ANTARA/AstridFaidlatulHabibah/ak)

Jakarta - Head of the Fiscal Policy Agency (BKF) of the Ministry of Finance Febrio Kacaribu stated that Indonesia's trade balance in September 2022 had recorded a surplus of up to US$4.99 billion amid global risk awareness.

Cumulatively, Indonesia's trade balance surplus from January to September 2022 had reached US$39.87 billion, which was much higher than the peak of the commodity period in 2011 when it amounted to US$22.2 billion.

"This achievement also indicates a surplus that has occurred for 29 consecutive months," Kacaribu stated in Jakarta, Wednesday.

On a quarterly basis, net export performance was also quite good, so it became one of the driving factors for GDP growth in the third quarter of the current year and 2022 as a whole.

The surplus occurred, as Indonesia's exports in September 2022 had a positive performance of US$24.80 billion, or grew by 20.28 percent (yoy), driven by oil and gas and non-oil exports, with growth of 41.8 percent (yoy) and 19.26 percent (yoy) respectively.

Despite monthly slowdown due to declining prices and volume of leading commodities, total exports increased during the January-September 2022 period, reaching US$219.35 billion, or an increase of US$55 billion as compared to US$164.32 billion recorded during the same period in 2021.

Kacaribu said the cumulative increase in exports shows that global demand is still strong in line with better pandemic control, such as from India, Japan, and South Korea.

The increase in Indonesia's exports from January to September 2022 was driven by oil and gas exports that were still growing at 38.56 percent (ytd), while non-oil and gas exports grew at 33.21 percent (ytd).

In the meanwhile, the mining sector recorded the highest growth, reaching 91.98 percent (ytd), followed by the manufacturing sector that grew 22.23 percent (ytd) in line with the Purchasing Managers' Index (PMI) of Indonesian manufacturing that grew in the expansion zone.

Moreover, Indonesia's imports recorded positive performance reaching US$19.81 billion, with a growth of 22.01 percent (yoy), although it was relatively slow as compared to the previous month.

The growth in imports was supported by the Purchasing Managers' Index (PMI) of Indonesian manufacturing in September 2022 that continued to expand, oil and gas imports that increased by 83.53 percent (yoy), as well as non-oil and gas imports that grew 14.02 percent (yoy).

From January to September 2022, Indonesia's total imports reached US$179.49 billion and in terms of usage, imports of raw materials and capital goods grew high, 23.21 percent (yoy) and 41.13 percent (yoy) respectively.

With regard to imports of consumer goods, although it decreased on an annual basis by 11.17 percent due to price hikes, cumulatively from January to September, it still grew by 3.52 percent.

"The strengthening of public consumption activities will continue to be maintained through state budget (APBN) instruments by maintaining the people's purchasing power through price stabilization policies, social protection, and others," Kacaribu remarked.

Pewarta : Azis Kurmala/Antara

Editor : Yakop

Indonesia, ICAO Ink MoU On Aviation Training

Redaksi    Wednesday, October 19, 2022    Comment   

Indonesia, ICAO Ink MoU On Aviation Training

Indonesian Transportation Minister ​​​​​​​Budi Karya Sumadi (left) and ICAO president Salvatore Sciacchitano (center) hold a press briefing on the sidelines of the G20 aviation dialogue in Nusa Dua, Badung, Bali, on Tuesday (October 18, 2022). (ANTARA/Genta Tenri Mawangi)

Badung, Bali - The Indonesian government and the International Civil Aviation Organization (ICAO) have inked a memorandum of understanding (MoU) to continue training assistance and capacity-building programs in the aviation sector for ICAO member states until 2026.

Indonesian Transportation Minister Budi Karya Sumadi and ICAO president Salvatore Sciacchitano signed the MoU on the sidelines of a G20 aviation dialogue in Nusa Dua, Badung, Bali, on Tuesday.

Sumadi said the agreement is a manifestation of Indonesia's support for the ICAO’s "No Country Left Behind" program, particularly for creating quality human resources in the aviation sector.

Increasing capacity building of human resources is a crucial effort to strengthen aviation safety and security, he said.

"We have a program which ICAO is also carrying out (in the field of human resource capacity building) and according to our records, we are one of the countries which have leading (aviation) campuses, which are reckoned in the world," he added.

Meanwhile, Sciacchitano lauded the Indonesian government's leadership and commitment to increasing aviation safety and security.

"The MoU on training is a very important program for aviation in the future," he said.

ICAO has been running a program called "No Country Left Behind" since 2014 with the aim of mentoring member countries to help them apply the standards and practices recommended by ICAO in the aviation sector, he said.

Currently, 193 countries, including Indonesia, are members of the ICAO.

Indonesia has supported the program "No Country Left Behind" since 2021 through the Developing Countries Training Programme (DCTP), which has been specially designed for human resources in the aviation sector of developing countries.

The training program is entirely funded by Indonesia. The program’s participants, who are from ICAO member countries, receive training on Managing Aviation Training Intelligence (MATI), Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) Verification, and Training Managers Course (TMC).

Oleh : Genta Tenri M, Suharto

Editor : Yakop

Minister Underscores Need For Post-pandemic Aviation Recovery Efforts

Redaksi    Wednesday, October 19, 2022    Comment   

Minister Underscores Need For Post-pandemic Aviation Recovery Efforts

Minister Underscores Need For Post-pandemic Aviation Recovery Efforts.

Jakarta - Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan underscored the need for post-pandemic aviation recovery efforts during a dialogue on aviation in Jakarta on Tuesday.

"I (would like to) push this forum to discuss opportunities and challenges facing the aviation industry with regard to aircraft financing and leasing," he said at the online dialogue on “Financial Measures for Aviation Recovery.”

Aviation is one of the important sectors for boosting the global economy, he noted.

He highlighted four main priorities that must be considered to recover the aviation industry.

The first priority is accelerating the recovery of air connectivity that is safe and efficient for tourism and trade.

The second priority is scripting a recovery that pays attention to a sustainable future and environmental conservation.

The third priority is pushing for cooperation among countries, financial institutions, and the international private sector.

The fourth priority is taking advantage of digitalization and technological innovations.

Meanwhile, president of the International Civil Aviation Organization, Salvatore Sciacchitano, lauded the Indonesian government's commitment to recovering the aviation industry.

"This is what makes me come here. Indonesia's role to raise aviation issue becomes the center of attention during Indonesia's G20 Presidency," Sciacchitano, who attended the dialogue in person in Nusa Dua, Bali, said.

The impact of the COVID-19 pandemic on the aviation industry has been very extraordinary, he noted.

Before the COVID-19 pandemic, an estimated 4.5 billion people traveled by plane each year. However, the number fell by 60 percent during the pandemic, he pointed out.

"In other countries, many airlines closed, but the Indonesian government here gives full support and is present to make recovery efforts," he said.

He further welcomed the signing of a more comprehensive air connectivity agreement between the Association of Southeast Asian Nations (ASEAN) and the European Union (EU), which is expected to accelerate aviation recovery in the two regions and in the world.

"In (our) experience in Europe, liberalization in the aviation world will open up opportunities and competition," he remarked.

Oleh : Adimas Raditya FP, Suharto/Antara

Editor : Yakop