The Ministry of Finance has issued Regulation No. 79/PMK.03/2008, which is effective 23 May 2008 and replaces the former Decree No. 486/KMK.03/2002. Pursuant to the new regulation, an application can be submitted to the Director General of Taxation for the revaluation of fixed assets, subject to the following rules: eligible persons are resident companies and permanent establishments that do not keep their books in English or their accounts in USD and who have fulfilled their tax liabilities up to the date of the last tax period before the revaluation; revaluations are permitted for all tangible fixed assets (including land) located...