Why Indonesia needs legal trust, not tax cuts, to build a finance hub

Tax breaks used to be enough. Not any more. Analysts say a new generation of investors is prioritising legal certainty and regulatory stability over incentives – and Asia’s most successful international financial centres will be those that successfully secure trust.
All of which carries repercussions for Indonesia’s plans to build its first international finance centre, after lawmakers passed a law on Tuesday giving the project the green light.
Enforceable contracts, predictable regulation and...