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DECREE OF THE STATE MINISTER FOR
INVESTMENTS/HEAD OF THE INVESTMENT COORDINATING BOARD No.
38/SK/1999
CONCERNING
THE GUIDELINE AND PROCEDURE FOR FILING
APPLICATIONS FOR INVESTMENTS SET UP IN THE FRAMEWORK OF
DOMESTIC CAPITAL INVESTMENTS AND FOREIGN CAPITAL INVESTMENTS
CONSIDERATIONS
CHAPTER I : GENERAL PROVISIONS
CHAPTER II : APPLICATIONS FOR NEW CAPITAL INVESTMENTS
PART
ONE : DOMESTIC INVESTMENTS
PART
TWO : FOREIGN INVESTMENTS
PART
THREE : SPECIFIC PROVISIONS ON
CERTAIN BUSINESS SECTORS AND ACTIVITIES
A. INVESTMENTS IN NON OIL/GAS MINING UNDER PMDN
ARRANGEMENTS
B. INVESTMENTS IN
NON OIL/GAS MINING UNDER PMA
ARRANGEMENTS
C. REGIONAL
REPRESENTATIVE OFFICE OF FOREIGN
COMPANIES
D. CAPITAL
PARTICIPATION BASED COMPANIES
CHAPTER III : FIXED BUSINESS LICENCE (IUT)
CHAPTER IV : APPLICATIONS FOR EXPANSION OF INVESTMENTS
CHAPTER V : AMENDMENT OF CAPITAL INVESTMENTS
PART
ONE : GENERAL REQUIREMENTS FOR AMENDMENT APPLICATIONS
PART TWO : CHANGE IN LOCATIONS OF
PROJECTS
PART THREE : CHANGE IN LINES OF
BUSINESS AND PRODUCTION
PART FOUR : CHANGE IN EMPLOYMENT OF
FOREIGN PERSONNEL
PART FIVE : CHANGE IN INVESTMENTS AND
SOURCES OF FINANCING
PART SIX : CHANGE IN SHARE OWNERSHIP
OF PMA COMPANIES
PART SEVEN : CHANGE IN STATUS OF PMA
COMPANIES INTO PMDN COMPANIES
PART EIGHT : CHANGE IN STATUS OF PMDN
OR NON-PMA/ PMDN COMPANIES INTO PMA COMPANIES
PART NINE : EXTENSION OF PMDN AND PMA
PROJECT COMPLETION PERIODS
PART TEN : MERGER OF COMPANIES
PART ELEVEN : CHANGE IN NAMES OF
COMPANIES
PART TWELVE : CHANGE IN
FORMS/PATTERNS OF PARTNERSHIPAND / OR BUSINESS PARTNERS
ESPECIALLY FOR BUSINESS LINES REQUIRING PARTNERSHIP WITH
SMALL-SCALE BUSINESSES
CHAPTER VI : CAPITAL INVESTMENT IMPLEMENTATION APPROVAL
AND LICENCES
PART
ONE : IMPORT OF CAPITAL GOODS
PART TWO : IMPORT OF BASIC/AUXILIARY
MATERIALS
PART THREE : LIMITED IMPORTER'S
IDENTIFICATION NUMBER (APIT)
PART FOUR : EXPATRIATE WORK PERMITS
CHAPTER VII : CAPITAL INVESTMENTS IN BONDED ZONES AND IN
INTEGRATED ECONOMIC DEVELOPMENT ZONES (KAPET)
CHAPTER VIII : SANCTIONS
CHAPTER IX : MISCELLANY
CHAPTER X : TRANSITIONAL PROVISIONS
CHAPTER XI : CONCLUSION
DECREE OF THE STATE MINISTER FOR
INVESTMENTS/HEAD OF THE INVESTMENT COORDINATING BOARD
No. 38/SK/1999
CONCERNING
THE GUIDELINE AND PROCEDURE FOR FILING
APPLICATIONS FOR INVESTMENTS SET UP IN THE FRAMEWORK OF
DOMESTIC CAPITAL INVESTMENTS AND FOREIGN CAPITAL INVESTMENTS THE STATE MINISTER FOR
INVESTMENTS/HEAD OF THE INVESTMENT COORDINATING BOARD
Considering:
a.
that within the framework of promoting economic activities
and national development, it is necessary to create a
business environment which is increasingly attractive and
better guarantees the continuity of capital investments
through a reform in licensing service;
b.
that in order to facilitate service for investments in the
framework of Domestic Investments (PMDN) and Foreign
Investments (PMA), it is deemed necessary to increase the
number of service centres, through a policy on the
delegation of authority to grant opprovoWicences to
institutions in regions and representative offices of the
Republic of Indonesia;
c.
that in order to support the policy as meant in point above,
it is deemed necessary to re-improve the guideline and
procedure for filing applications for investments and their
settlement so as to be further adjusted to the provisions
and regulations in force.
In
view of :
- Act
No. I/I 967 jo Act No. I I/I 970 on Foreign Capital
Investments (State Gazette of 1967 No. I Supplement to
State Gazette No.2818 }o State Gazette of 1970 No.48,
Supplement to State Gazette No.2943);
- Act
No.6/l 968 }o Act No. 12/1970 on domestic capital
investments (State Gazette of 1968 No.33, Supplement to
State Gazette No.2853 )o State Gazette of 1970 No.47,
Supplement to State Gazette No.2944);
- Act
No. I/I 995 on limited liability companies (State
Gazette of 1995 No. 13, Supplement to State Gazette
No.3587);
- Act
No.9/l995 on small-scale businesses (State Gazette of
1995 No. 74, Supplement to State Gazette No.3611);
- Government
Regulation No.24/1986 jo No-9/1993 on the periods of
licences for foreign capital investment companies (State
Gazette of 1986 No. 32, Supplement to State Gazette No.
3335 Jo State Gazette of 1993 No.l3, Supplement to State
Gazette No.3515);
- Government
Regulation No. 20/1994 on share owner-ship in companies
set up under foreign capital investments (State Gazette
oJ 1994 No. 28, Supplement to State Gazette No. 3552);
- Government
Regulation No. 20/1994 on share owner-ship in companies
set up under foreign capital investments (State Gazette
oJ 1994 No. 28, Supplement to State Gazette No. 3552);
- Government
Regulation No. 44/1997 on business partnership (State
Gazette of 1997 No. 91, Supplement to Statute Gazette
No. 3718);
- Presidential
Decree No. 26/1980 on the establishment of the Regional
Investment Coordinating Board;
- Presidential
Decree No. 330981 )ls. No. 780982 No.113/1998 on the
Investment Coordinating Board and Presidential Decree
No. 25/1991 )o. No. 114/1998 on the status, tasks,
functions and organisational structure of the Investment
Coordinating Board;
- Presidential
Decree No. 17/1986 on the requirements for national
share .ownership in foreign investment companies for
equal treatment as domestic investment companies;
- Presidential
Decree No. 53/1987 on regional representative offices of
foreign companies
- Presidential
Decree No. 53/1987 on regional representative offices of
foreign companies;
- Presidential
Decree No. 750995 on the employment of expatriates;
- Presidential
Decree No. 410.996 on industrial estates;
- Presidential
Decree No. 89/1996 jo No. 90998 on the development of
integrated economic development zones;
- Presidential
Decree No. 122M/1998 on the establishment of the
Development Reforms Cabinet;
- Presidential
Decree No. 96/1998 on the negative list for capital
investments;
- Presidential
Decree No. 99/1998 on the fields/types of business
reserved for small-scale companies and the fields/types
of business open to medium-scale or large-scale
companies under business partnership;
- Presidential
Decree No. 183/1998 jo No. 370999 on the Investment
Coordinating Board as already amended by Presidential
Decree No. 121/1999;
- The
Decree of the 'State Minister for Mobilisation of
investment Funds/Chairmann of the Investment
Coordinating Board No. 15/SK/1994 on the implementation
of share ownership in companies set up under foreign
capital investments;
- The
Decree of the State Minister for Mobilisation of
Investment Funds/Chairmann of the Investment
Coordinating Board No. zZ/sK/1996 on the monitoring and
evaluation, fostering, and control of capital investment
realisation;
- The
Decree of the State Minister for Investments/Head of the
Investment Coordinating Board No. 22/SW1 99 on capital
participation in holding companies;
- The
Decree of the State Minister for Investments/Head of the
Investment Coordinating Board No. 37/SK0999 on the
delegation of authority to grant approval and facilities
as well as implementation licences of investment to
Governors/Heads of First-level regions.
DECIDES :
By
revoking the Decree of the State Minister for
Investments/Head of the Investment Coordinating Board No.
30/SKI1998 dated October 20, 1998 on the guideline and
procedure for filing applications for Investments set up In
the framework of domestic and foreign capital investments;
To
stipulate:
THE DECREE OF THE STATE MINISTER FOR
INVESTMENTS/HEAD OF THE INVESTMENT COORDINATING BOARD
CONCERNING THE GUIDELINE AND PROCEDURE FOR FILING
APPLICATIONS FOR INVESTMENT SET UP IN THE FRAMEWORK OF
DOMESTIC CAPITAL INVESTMENTS AND FOREIGN CAPITAL INVESTMENTS
CHAPTER I GENERAL PROVISIONS Article
I
Hereinafter referred to as :
- Applications
for new capital Investments are applications for
approval of investments, luithin the framework of
domestic investments (PMDN) as well as foreign
Inuestrnents (PMA), along with relevant facilities,
which are filed by prospective investors for setting up
and running new; business undertakings.
- Applications
for expansion of capital investments are applications
for approval of the increase/addition of capital along
with relevant facilities to increase the installed
capacity of production approved and/or odd the variety
of goods/service produceduced.
- Expansion
of capital investments in the subsector of food crops
and plantations is additional investments to finance one
or more activities out of the following;
- diversification,
namely increasing the number of crop varieties; and/or
- rejuvenation/rehabilitation
which makes use of high yielding seedlings; and/or
- intensification,
namely Increasing production with - out expanding land;
and/or
- increasing
the production capacity of the relevant processing unit;
and/or
- expanding
crop planting areas; and/or
- integrating
business operations lulth upstream and downstream
industries.
- Restructuring
is the activity of replacing main machinery (adding
equipment or component of machinery) for quality
enhancement or efficiency promotion of the process of
production without increasing capacity.
- Applications
for amendment of capital investments are applications
for approval of changes in investment provisions already
stipulated in the previous investment approval.
- PMDN
approval Is the approval of investments along with
facilities, which is granted within the framework of
implementing Act No.6/l968 jo No.lZ/1970 on domestic
investments (PMDN) and also effective as the principle
approval or the provisional business licence.
- MA
approval is the approval of investments along with
facilities, which is granted within the framework of
implementing Act No. I/I 967 jo No. I I/I 970 on foreign
investments (PMA) and also effective as the principle
approval or the provisional business licence.
- Approval
of expansion is the approval of investments along with
facilities to increase the installed capacity permitted
and or the kinds of products and services.
- pproval
of amendment is the approval to moke changes in certain
investment provisions already stipulated in the previous
investment approval.
- Approval
of establishment of the regional representative office
of foreign companies (KPWA) is the approval to set up a
representative office in Indonesia which Is domiciled in
Indonesia.
- Holding
is a capital portictpatton/share participation based
company established in accordance with the provisions as
meant in the Decree of the State Minister for
Investments/Head of the Investment Coordinating Board
No. 12/SW1999 doted June 8, 1999.
- Capital
investment implementation licences are licences from
central-government and regional-administration agencies,
which are needed for the realisation of investment
approval.
- Approval
of investment facilities is the approval of the granting
of investment facilities in the form of import duty
facilities and other fiscal facilities as determined by
the government.
- The
limited importer's identification number (APIT) is the
identification ntimber serving as the licence to import
capital goods and basic/auxiliary materials for use by
relevant companies in the process of production of
investment projects already approved by the government.
- he
decision on the plan for employment of foreign personnel
(RPTK) is the approval of the planned number, functions
and employment periods of foreign personnel needed as
the basis for the approval of the entry of expatriates (TKWNAP)
and the issuance of work permits forexpatriates (IKTA).
- The
decision on work permits for expatriates (IKTA) is the
licence for companies to employ a number of expatriates
in certain functions and period.
- The
fixed business licence (IUT) is the licence which shall
be possessed by companies for the realisation of
commercial production of goods as well as services, as
the implementation of investment approval letters
already previously obtained by companies
- The
expansion business licence is the licence which shall be
possessed by companies for the realisation of commercial
production in connection with the increase in production
of goods as welt as services, as the implementation of
investment expansion approval letters already previously
obtained by companies.
- Status
change is the change in status of investments especially
requested viz. the change from PMDN or non PMA/PMDN into
PMA, or from PMA into PMDN, as a consequence of a change
in share ownership.
- Merger
is the combination of 2 (two) or more companies set up
under PMDN and/or PMA and/or non PMA/PMDN which have
been engaged in commercial.production and have obtained
IUT into a company, which will carry on all activities
of the companies combined, while the merg ing companies
are liquidated.
- apital
investment progress reports (LKPM) are periodic reports
on the developments of activities of investment
companies according to the model and procedure already
laid down.
- The
bonded zone is a building, place or area with certain
borders in which industrial business octitiuitles of
goods and materials processing, designing, engineering,
sorting, initial examination, final inspection and
packaging of goods and materials derived from imports
and other Indonesian custom are as whose production is
destined for exports ore carried out.
- The
bonded zone operator is a state owned corporation in the
form of Persero (state limited liability company} or an
authority especial set up for the purpose of operating
and or managing a bonded zone.
- The
Integrated Economic Development Zone (KAPET) Is a
geographical region with certain borders fulfilling
requirements, which has potential for rapid growth
and/or has leading sectors capable of boosting the
economic growth of surrounding areas and/or needs
investments in surrounding areas and/or needs
investments in large amounts for its development. KAPET
is stipulated on the basis of Presidential Decree
No.89/1996 }o No.9/1998.
- The
Management Board for integrated economic development
zones (KAPET) is the board especially set up for the
purpose of operating and or managing KAPET.
- Criteria
of small-scale businesses are :
a.
possessing maximum net assets worth Rp 200,000,000.-
(two hundred million rupiahs), excluding land an buildings
of business sites; or
b.
registering maximum annual sales proceeds worth
Rp1,000,000,000.- (a billion rupiahs);
c.
being owned by citizens of Indonesia;
d.
being independent, not constituting a subsidiary
owned, controlled by or directly and indirectly affiliated
to medium-scale or large-scale companies;
e.
having the status of individual businesses, non
statutory body business units, or statutory body
businessunits including cooperatives.
- Heads
of Regional Investment Coordinating Board (BKPM) in the
filing of applications are staff of Governors/Heads of
Provincial Regions in charge of investments.
- Heads
of representative offices of the Republic of Indonesia
in the filing of applications are heads of
representative offices of the Republic of Indonesia
abroad
Article 2
(1)
Prospective investors planning to undertake investment
activities under PMDN arrangements shall file applications
for investments to:
- the
State Minister for Investments/Head of the Investment
Coordinating Board;
- heads
of local BKPMD;
(2)Prospective
investors planning to undertake investment activities under
PMA arrangements shall file applications for investments
-
- the
State Minister for Investments/Head of the investment
Coordinating Board;
- heads
of local representative offices of the Republic of
Indonesia; heads of local BKPMD.
(3)
a. Letters of approval (SP) of PMDN shall be issued by the
State Minister for Investments/Head of the Investment
Coordinating Board or Governors/Heads of Provincial Regions
in this case Chairmen of local BKPMD.
b. Letters of approval (SP) of PMA shall be issued by the
State Minister for Investments/Head of the investment
Coordinating Board or Minister of Foreign Affairs in this
case heads of local representative offices of the Republic
of Indonesia or Governors/Heads of Provincial Regions in
this case Chairmen of local BKPMD.
- Investors
already obtaining the letters of approval as meant In
paragraph (3) shall file applications for investment
implementation licences, which are required for the
realisation of their investments.
- The
applications for investment implementation licences as
meant in paragraph (4) shall be filed to:
-
- the
State Minister for Investments/Head of BKPM by
investors obtaining approval of investments from the
State Minister for Investments/Head of BKPM or
Minister of Foreign Affairs in this case heads of
local representative offices of the Republic of
Indonesia.
- heads
of local BKPMD, by investors obtaining approval of
investments from heads of local BKPMD or heads of
local representative offices of the Republic of
Indonesia.
- Applications
for implementation invesment licences of projects
located in KAPET as meant in paragraphs (3),(4) and (5)
shall be filed to the local management board of KAPET.
Article 3
- Investment
approval letters (SP) shall be automatically cancelled
if within I (one) year starting from the date of
issuance there is no project realisation in the form of
concrete administrative or physical activities.
- Concrete
administrative activities shall be those for the
following licensing:
-
- the
location licence or the building lease agreement
especially for the field of services or the regional
mining licence (SIPD) or the mining concession (KP)
especially for the field of mining; and
- bank
accounts in the names of PMA companies (especially for
new PMA companies); and
- Customs
SP for capital goods; and/or
- APIT
(limited importer's identification number); and/or
- RPTK
(decision on the plan for employment of foreign
personnel) for those using expatriates; and/or
- IMB
(building construction permit); and/or
- HO/UUG
(Nuisance Act based permit).
- deed
of establishment of companies already validated by the
Minister of Justice for capital participation based
companies.
- Concrete
physical activities shall be those already conducted :
-
- for
industries: there ore main activities in the form of
land clearance covering at least 25% of the areas
contained in approval letters, or
- for
services and capital participation (holding): there
are main activities in the form of land clearance
covering at least 25% of the areas contained in
approval letters, or office/building space.
Article 4
Prospective
investors in filing applications for PMDNand PMA shall
observe the following guides :
- The
negative list for investments.
- The
sectors/types of business reserved for small-scale
businesses and the sectors/types of business open to
medium scale or large-scale companies with partnership
requirements.
- Other
provisions issued by the government
Article 5
(1) The approval of facilittes and investment
implementation licences issued by the State Minister for
lnvestments/Head of BKPM or Chairmen of BKPMD shall be
composed of :
-
- Approval
of the granting of facilities of exemptionfrom import
duty and other facilities of taxation on the import of
capital goods.
- Approval
of the granting of facilities of exemption from import
duty on basic materials and or auxiliary materials for
the first 2 (two) years production on the basis of
installed capacity.
- Approval
of the granting offacliltlef of government borne
income tax to certain industries.
- The
limited importer's identification number (APIT).
- The
decision on the plan for employment of foreign
personnel (RPTK).
- The
decision on the expatriate work permit (IKTA).
- The
fixed business licence (lUT) the expansion business
licence and lUT renewal.
- The
investment implementation licences issued by regencies/munlclpatities
shall be composed of :
-
- The
location licence.
- The
Nuisance Act based permit (UUG/HO).
- The
building construction permit (IMB).
All licences to projects located in KAPET shall be issued
by the management board of relevant KAPET.
CHAPTER II APPLICATIONS FOR NEW CAPITAL
INVESTMENT PART ONE DOMESTIC INVESTMENTS
Article 6.
- Applications
for new capital investments under PMDN arrangements can
be filed by limited liability companies (PT),
partnership companies (CV), firms (fa), cooperatives
business units, state owned enterprises (BUMN),
regional-administration owned companies (BUMD), or
individuals.
- The
applications for new capital investments as meant in
paragraph (1) shall be filed to :
- a.
the State Minister of lnvestments/Head of BKPM; or
b. chairmen of local BKPMD.
- In
the case of new investments being located in 2 (two) or
more provinces, the applications shall be filed to the
State Minister of Investments/Head of BKPM.
- The
applications for new investments as meant in paragraphs
(2) and (3) shall be filed in duplicate by using the
form of model I/PMDN as contained In Attachment 1.
- The
approval of the applications for investments as meant in
paragraph (2) letters a and paragraph (3) shall be
issued by the State Minister for Investments/Head of
BKPM in the form of the letter of approval of domestic
Investments (SP-PMDN), shall be conveyed to applicants
with copies made available to the following officials :
-
- The
Minister of Home Affairs;
- Ministers
fostering business fields of the relevant investments;
- The
Minister of Finance;
- The
State Minister for Agrarian Affairs/Head of the
National Land Affairs Agency (BPN)
- The
State Minister for Environment Affairs/Head of BAPEDAL
(Board of Control over Impacts on the Environment);
- The
Minister of Cooperatives, Small and Medium-scale
Businesses (in the case of partnership with
small-scale businesses)
- Governor
of Bank Indonesia;
- Governors
of the relevant provincial regions
- Directors
general in charge of technical affairs of the relevant
investments;
- The
Director General of Taxation;
- The
Girector General of Customs and Excise;
- The
Director General of Acts and Legislation;
- Chairmen
of the BKPMD concerned;
- Heads
of technical service Institutions of
regencies/municipalities concerned.
- The
approval of applications for Investments as meant In
paragraph (2) letter b shall be issued by Chairmen of
BKPMD to Governors/Heads of Provincial Regions on behalf
of the State Minister for Investrnentdhleod of the
Investment Coordinating Board in the form of the letter
of approval of domestic investments (SP-PMDN) with
copies made available to Institutions concerned :
-
- The
State Minister for Investments/Head of BKPM
- The
Minister of Home Affairs
- The
Director General of Law and Legislation
- Governors
Meads of the relevant provincial regions
- Local
Bank Indonesia offices
- Local
regional offices of technical ministries fostering
business fields of the relevant investments;
- Local
regional offices of the Directorate General of
Taxation;
- Local
regional offices of the Directorate General of Customs
and Excise;
- Local
regional offices of the National Land Agency
- Local
regional offices of the Ministry of Cooperatives,
Small and medium-scale businesses (in the case
ofpartnership with small-scale businesses);
- Local
offices of BAPEDAL (Board of Control over Impacts on
the Environment).
- Regents/mayor/heads
of regencies/cities where the relevant investment
activities ore located.
- The
approval as meant in paragraphs (4) and (5) shall be
issued not later than 10 (ten) working days as from the
receipt of complete and true applications.
- SP-PMDN
shall be automatically cancelled if there is no
realisation of projects in the form of concrete
actitivies as meant in Article 3 for 3 (three) years as
from the date of issue of SP-PMDN.
- The
stipulation of periods of the completion of projects,
which are contained in the letter of approval of
investments, shall be adjusted to scales of investments
or business fields.
PART TWO FOREIGN INVESTMENTS
Article 7
- Applications
for new capital investments under PMA arrangements can
be filed by :
- foreign
citizens and/or foreign statutory bodies and/or PMA
companies; or
- foreign
citizens and/or foreign statutory bodies and/or PMA
companies along with Indonesian citizens and/or
Indonesian statutory bodies.
- Applications
for new investments as meant in paragraph (1) shall be
filed to:
- The
State Minister for Investments/Head of BKPM; or
- Heads
of local representative offices of the Republic of
Indonesia; or
- Chairmen
of local BKPMD.
- in
the case of new investments being located in 2 (two) or
more locations, the applications shall be filed to the
State Minister for Investments/Head of BKPM.
- Applications
for new investments as meant in paragraphs (2) and (3)
shall be filed in duplicate by using the form of model
WMA as meant in Attachment 2.
- Based
on the evaluation of applications for investments, the
State Minister for Investments/Head of BKPM or Minister
of Foreign Affairs In this case Heads of local
representative offices of the Republic of Indonesia or
Governors/Heads of Provincial Regions in this case
Chairman of local BKPMD shall issue letters of approval
of foreign investments (SPPMA), shall be conveyed to
applicants with copies mode available to :
-
- The
Minister of Home Affairs;
- Ministers
fostering business fields of the relevant investments;
- The
Minister of Health:
- The
State Minister for Agrarian Affairs/Head of BPN;
- The
State Minister for Environment/Head of BAPEDAL (Board
of Control over Impacts on the Environment);
- The
Minister of Cooperatives, Small and Medium scale
Businesses (in the case of partnership with scale
businesses);
- Ambassador/Heads
of representative offices of countries of origin of
foreign participants in Indonesia;
- Governor
of Bank Indonesia;
- Governors
of the relevant provincial regions;
- Directors
general in charge of technical affairs of the relevant
investments;
- The
Director General of Taxation;
- The
Director General of Customs and Excise;
- The
Director General of Acts and Legislation;
- Chairmen
of the BKPMD concerned;
- Heads
of technical service institutions of
regencies/municipalities concerned.
- A
copy of the letter of approval issued by Chairmen of
local BKPMD as meant in paragraph (5) shall also be made
available to the State Minister for Investments/Head of
BKPM.
- Copies
of the letter of approval issued by heads of local
representative offices of the Republic of Indonesia as
mean in paragraph (5) shall also be made available to
the Minister of Foreign Affairs and the State Minister
for Investments/Head of BKPM.
- The
approval as meant in paragraph (5) shall be issued not
later than 10 (ten) working days as from the date of
receipt of complete and true applications.
- SP-PMA
shall be automatically cancelled if there is no
realisation of projects in the form of concrete
actitivies as meant in Article 3 for 3 (three) years as
from the date of issue of SP-PMDN.
- The
stipulation of periods of the completion of projects
contained in the letter of approval of investments,
shall b
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