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Indonesia is blessed with oil, gas, coal and mineral natural resources. The exploitation of energy resources (oil, gas and coal) has contributed significantly in spearheading the growth of the Indonesian economy over the past 40 years. Jul Seventa Tarigan of PB Taxand outlines the challenges taxpayers in the energy sector face and offers an example of how to utilise operations in the resource-rich country.

Jim Fuller

Mauricio Valenzuela

Khoonming Ho

A monthly commentary on the notable facts, ?gures and goings-on in the tax world. Suitable items should be sent to taxrelief@euromoneyplc.com

Sabrina Wong

Adrian Wyss

Peter Dachs South Africa's 2012 budget set out many significant new tax proposals. In particular the rate of dividend withholding tax which comes into effect on April 1 2012 has been increased from 10% to 15%.

Panayiotis Diallinas According to Article 6 of the Law on Foreign Exchange operations, offsetting of payables and receivables between resident and non-resident entities is regulated by the Ministry of Finance in cooperation with the National Bank of Serbia. However, the aforementioned offsetting operations between residents and non-residents were not legally regulated until the government of Republic of Serbia adopted the decree on conditions and methods for offsetting payables against receivables involving foreign currency loan operations with foreign countries (the decree), as recommended by the National Bank of Serbia and published on Official Gazette No. 99/11. The decree was effective on January 4 2012.

Stela Andrei According to EU regulations (initially EEC Council Regulation No. 1408/71 and starting with May 1 2010, the EEC Regulation No. 883/2004), in case of individuals working within EU, the social contributions have to be paid in the country where they conduct their activities. These regulations provide also for certain exemptions from this general rule. Namely, so long as a certificate of coverage (E101/A1) is obtained, the individuals can remain with the home social security system for a limited period time. However, there are certain instances when the individuals may not continue such home country coverage, or choose not to continue it and for such cases, in line with the EU regulation, these individuals should contribute to the host country social security system.